Moody's Investor Services improved their financial outlook on New Jersey Institute of Technology (NJIT) to A-1 stable based on the expectations of continued strong student demand in the science, technology, engineering and mathematics (STEM) fields driving good operating performance and debt service coverage over the next two years. In June 2015, Moody's had rated NJIT as A-1 negative outlook.
NJIT is currently in the process of implementing its strategic plan - 2020 Vision - which continues to invest in students, faculty, research, community and facilities. The cumulative funding to-date of the strategic plan exceeds $74.2 million. This plan supports investments in new faculty, where, over the past six years, the university has hired more than 100 new and replacement faculty. The university conducts over $130 million in research annually and enrollment exceeds 11,400 undergraduate and graduate students. Additionally, NJIT has recently invested $300 million in facilities, with approximately 50 percent of this funding coming from State of New Jersey GO bonds. Project highlights include the Central King Building, which officially opened earlier this year, and the Life Sciences and Engineering Building and a $100 million Wellness and Events Center that are opening this fall.
Edward Bishof, senior vice president for finance and chief financial officer, explains, "The raising of our bond rating by Moody's Investor Services to A-1 stable outlook is recognition of the continued strong demand for our academic and research programs as well as industry-based partnerships, resulting in generating diversified revenues supporting NJIT's goals and objectives. The STEM disciplines continue to engage undergraduate and graduate students who recognize the ROI value as well as high market demand for NJIT graduates."
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ABOUT NJIT
One of the nation's leading public technological universities, New Jersey Institute of Technology (NJIT) is a top-tier research university that prepares students to become leaders in the technology-dependent economy of the 21st century. NJIT's multidisciplinary curriculum and computing-intensive approach to education provide technological proficiency, business acumen and leadership skills. With an enrollment of 11,400 graduate and undergraduate students, NJIT offers small-campus intimacy with the resources of a major public research university. NJIT is a global leader in such fields as solar research, nanotechnology, resilient design, tissue engineering and cybersecurity, in addition to others. NJIT is among the top U.S. polytechnic public universities in research expenditures, over $130 million, and is among the top 1 percent of public colleges and universities in return on educational investment, according to PayScale.com. NJIT has a $1.74 billion annual economic impact on the State of New Jersey.