University of Rochester

2008-09 Financial Statement Highlights


bar chart: Longterm Debt

Credit Ratings

Moody's Investors Service rating reflects:


  • The University’s large diversified enrollment base, with highly reputable graduate programs and continued healthy growth in net tuition per student; continued strengthening of student demand most directly demonstrated by a ramp-up in yield on admitted students.
  • Healthy and highly consistent cash flow generated by the University as a whole stemming from strong performance of health system, growing research activities and a rising endowment.
  • Large financial resource base which has exhibited continuous growth over the last few years as fundraising and investment returns fueled growth.
  • Potential for significant expansion in fundraising success as senior leadership team focuses on investing in development infrastructure.


  • Relatively heavy reliance on healthcare operations (64% of total revenue) which has historically been more volatile than other University operating units, although recent performance has been strong and hospitals are leaders in
    service area;      
  • Highly competitive environment for students (demonstrated by low matriculation rate of 23%) may place pressure on future tuition flexibility,although recent enrollment trends have been sustained as the University
    has lowered its discount rate;
  • Capital spending requirements are likely to remain substantial, but opening cash flow and rapid retirement of debt should continue to sustain debt capacity.