Harper College maintains top Aaa rating

Harper College has maintained its Aaa rating from Moody’s Investor Services, the bond credit rating company’s highest possible rating.

“Maintaining our Aaa rating is a testament to the college’s sustained commitment to sound fiscal practices and the community’s ongoing support as we continue offering quality, affordable and accessible education to our students,” said Dr. Avis Proctor, Harper College president.

In a February 2023 report assigning its Aaa rating to Community College District 512 (Harper’s district), Moody’s cited the college’s large and diverse tax base, strong and stable financial reserves, and moderate debt burden. The rating also reflects the college’s low reliance on operating aid from the state.

In addition, Moody’s assigned a rating outlook of “stable” based on the district’s financial position and a stabilizing enrollment trend.

The Aaa rating enables the college to obtain lower interest rates in bond sales, refinancing and refunding initiatives, benefiting taxpayers. Moody’s latest issuance was a required step as Harper prepared to issue about $5 million in bonds to fund capital projects at the college.

Harper also recently learned that the Government Finance Officers Association of the United States and Canada (GFOA) awarded the college with the Certificate of Achievement for Excellence in Financial Reporting for Harper’s Annual Comprehensive Financial Report for the fiscal year ended June 30, 2021. According to the judges, Harper’s report meets “the high standards of the program, which includes demonstrating a constructive spirit of full disclosure to clearly communicate its financial story and motivate potential users and user groups to read the report.”