Strong credit ratings from Moody’s Ratings and S&P Global Ratings affirm Kean University’s financial stability, enrollment growth and strategic leadership as the University prepares to finalize its merger with New Jersey City University. (Pictured: Kean Hall | Photo Credit: Kean University)

UNION, N.J. — Moody’s Ratings and S&P Global Ratings have affirmed Kean University’s strong credit ratings, recognizing the University’s financial stability, enrollment growth and strategic leadership as Kean prepares to finalize its merger with New Jersey City University (NJCU).

Moody’s assigned Kean an A2 rating with a stable outlook for the University’s proposed Series 2026 revenue and refunding bonds while also affirming its A2 issuer and outstanding revenue bond ratings. S&P Global Ratings affirmed an A- long-term rating and has determined the outlook to be positive for the same bond issuance.

The rating actions come as Kean moves toward completing its merger with NJCU on July 1, 2026, following key legislative, accreditation and regulatory approvals.

“These affirmations demonstrate confidence in Kean University’s financial stewardship, strategic direction and long-term vision for growth,” said Kean University President Lamont O. Repollet, Ed.D. “As we prepare to welcome NJCU into the Kean family, we are building a stronger, more expansive urban research university that will create even greater opportunities for students across New Jersey. This recognition validates the work our University community has done to strengthen Kean while advancing access, innovation and student success.”

In its report, Moody’s highlighted Kean’s “strong state support, including supplemental funding to cover transition costs and management’s credibility and track record” as factors supporting the University’s rating during the merger process. The agency also cited Kean’s growing scale, healthy balance sheet and generally positive operating margins.

S&P noted that Kean’s enrollment reached an all-time high in fall 2025, with applications increasing more than 35% and full-time equivalent enrollment growing for the third consecutive year. The agency also pointed to Kean’s R2 Carnegie research designation, online initiatives and experienced leadership team as drivers of continued momentum.

“These ratings validate the University’s disciplined financial planning and thoughtful approach to the NJCU merger,” said Steve Fastook ‘06H, chair of the Kean University Board of Trustees. “The agencies recognized Kean’s strong operating performance, stable liquidity and responsible debt management, even as we undertake a transformational expansion of our mission and footprint.”

The merger legislation signed earlier this year authorizes NJCU to become an additional location of Kean University, to be known as Kean Jersey City. The State of New Jersey has committed significant support for the transition, including funding to assist with integration costs and capital improvements.

S&P also highlighted the University’s expanding research initiatives and the development of the new 1085 Morris Avenue building, which will support emerging programs in biotechnology and artificial intelligence.

“The teams within the Division of Finance continue to work collaboratively to uphold Kean’s high standards of fiscal monitoring and stewardship during this complex organizational change as we advance the merger,” said Michael Salvatore, Ph.D., executive vice president for academic and administrative operations. “Their professionalism and commitment to operational excellence are deeply appreciated and remain instrumental to the University’s continued financial strength and stability.”

The ratings reinforce Kean’s position as New Jersey’s first urban research university and reflect continued confidence in the University’s strategy to expand educational access, strengthen research opportunities and serve communities across the state.