Statement by Senate Majority Leader M. Teresa Ruiz and Chair of the Latino Legislative Caucus, Nellie Pou, On Moody’s Upgrade of New Jersey City University

Statement by Senate Majority Leader M. Teresa Ruiz and Chair of the Latino Legislative Caucus, Nellie Pou, On Moody’s Upgrade of New Jersey City University

 

TRENTON – Senators M. Teresa Ruiz and Nellie Pou applaud Moody’s Investors Service for upgrading New Jersey City University’s (NJCU) outlook to stable from negative and affirming its outstanding Ba2 issuer and revenue bond ratings.

 

Moody’s revision of NJCU’s outlook reflects meaningful progress on financial turnaround plans, resulting in a reduction of operating losses and stabilization of cash reserves. Despite ongoing challenges, the university has demonstrated improvements in financial strategy and risk management, key drivers of the rating action.

 

Senators Ruiz and Pou commended NJCU’s President Andres Acebo for his leadership and his steadfast approach to addressing the necessary changes needed at NJCU. The Senators recognize the pivotal role NJCU plays as a public university and Latino-Serving Institution for the State of New Jersey, emphasizing its significance in offering education access to a diverse student population. The senators also recognized the leadership team’s endeavors in addressing fiscal challenges and making substantial progress on financial turnaround plans. They expressed hope that the institution will persist in its efforts to right-size, thus enhancing and expanding upon the successes observed today.

 

New Jersey City University, a four-year undergraduate and graduate public university with several sites across Jersey City serves as a vital educational institution in close proximity to New York City. Both Senators commended NJCU’s commitment to providing quality education and its role in enriching New Jersey’s communities.

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