Moody's Downgrades University of West Alabama to Baa1; Outlook Negative

University Of West Alabama, AL: Update to credit analysis following revision of outlook to stable - Credit Opinion – 2020/02/10 – US$ 250.00 – ...The University of West Alabama (Baa1 stable) will continue to serve a regionally relevant role as a public university in the State of Alabama (Aa1 stable), with modestly increasing state appropriations. Consecutive years of large enrollment growth reflect some initial success from the university's new online strategy to offset declines in the university's traditional core student population. However, with an increasingly large contingent of graduate online students, the university faces social risk as it remains vulnerable to fluctuations in demand for this volatile market segment. Favorably, fiscal 2018 and unaudited fiscal 2019 results show improved operating performance and cash flow for materially better debt service coverage. Additionally, the university reports a second year of liquidity growth in fiscal 2019, following a multi-year period of decline. Sustained improvements in the university's operating performance remain dependent on stronger fiscal oversight and continued revenue...

University of West Alabama, AL: Update to credit analysis - Credit Opinion – 2018/11/07 – US$ 250.00 – ...The University of West Alabama (Baa1 negative) will continue to serve a regionally relevant role as a public university in the State of Alabama (Aa1 stable), with modestly increasing state appropriations. Following an approximately 18% jump in fall 2017 enrollment, the university reported additional 12% growth in enrollment for fall 2018 driven by further increases in its online student population. Consecutive years of large enrollment growth reflect some initial success from the university's new recruiting partnerships. However, with an increasingly large contingent of graduate online students, the university remains vulnerable to fluctuations in demand for this volatile market segment. Although management's preliminary fiscal 2018 results project slightly improved operating performance, cash flow margins will likely remain insufficient to cover debt service. Consequently, liquidity has softened but remains adequate given the university's conservative debt structure. Sustained improvements...

Moody's assigns Baa1 to University of West Alabama's (AL) Series 2018 bonds; outlook negative - Rating Action – 2018/11/05 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

University Of West Alabama, AL: Update to credit analysis - Credit Opinion – 2018/04/03 – US$ 250.00 – ...The University of West Alabama (Baa1 negative) will continue to serve a regionally relevant role as a public university for the State of Alabama (Aa1 stable), with state appropriations currently projected to modestly increase. After years of softening student demand, fall 2017 on-campus and online enrollment grew, reflecting initial success with new recruiting partnerships. However, with a relatively large contingent of graduate online students, the university is vulnerable to fluctuations in demand for this volatile market segment. Operating performance has improved slightly but remains weak leading to cash flow margins insufficient to cover debt service. Liquidity has consequently softened but remains adequate given a conservative debt structure. A small scale and a large and growing net pension liability are additional credit challenges. Potential improvement in the university's operating performance remains dependent on the senior management team's ability to bolster revenues through...

Moody's affirms University of West Alabama's (AL) Baa1; negative outlook - Rating Action – 2018/04/02 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

University of West Alabama, AL: Update - Moody's Downgrades University of West Alabama to Baa1; Outlook Negative - Rating Update – 2017/01/27 – US$ 250.00 – ...Moody's Investors Service has downgraded the rating on University of West Alabama's (UWA) $25.3 million of the General Fee Revenue Bonds Series 2010-A and Taxable Series 2010-B to Baa1 from A3. The outlook is negative. The one-notch downgrade to Baa1 reflects UWA's continued weak operating performance with insufficient cash flow to cover debt service and softening liquidity. A larger downgrade is precluded at this time due to potential improvement in operating performance as a new senior management team aims to increase enrollment to bolster revenues under its 2015-20 strategic plan. The plan is focused on student marketing enhancements and program additions designed to translate to increase enrollment and retention. The Baa1 rating incorporates the university's small, relatively stable core undergraduate market in western Alabama, with gradually increasing operating support from the State of Alabama (Aa1 stable), sufficient liquidity to cushion near term operations, and conservative debt...

Moody's corrects the insured ratings of the University Of West Alabama (AL), General Fee Revenue Bonds, Series 2010-A and Taxable General Fee Build America Bonds (Direct Pay Build America), Series 2010-B to A3 from A2 - Announcement – 2015/08/12 – US$ 180.00

Moody's corrects the insured ratings of the University Of West Alabama (AL), General Fee Revenue Bonds, Series 2010-A and Taxable General Fee Build America Bonds (Direct Pay Build America), Series 2010-B to A3 from A2 - Rating Update – 2015/08/12 – US$ 250.00

Moody's downgrades Univ. of West Alabama to A3; outlook negative - Rating Action – 2015/07/31 – US$ 180.00

Moody's downgrades Univ. of West Alabama to A3; outlook negative - Rating Update – 2015/07/31 – US$ 250.00