Northeast Iowa Community College maintains Moody's Aa1 rating

Wednesday, June 12, 2024

NEW YORK—Moody's Investors Service has assigned an Aa1 rating to Northeast Iowa Community College’s Taxable Industrial New Jobs Training Certificates, Series 2024-1, likely to carry a par amount of $2.2 million. 

Moody's maintains an Aa1 rating on the College's outstanding general obligation unlimited tax (GOULT) debt. Following this month's sale, the College will have around $51 million of total debt outstanding.

The Aa1 rating reflects the College's diverse economy in northeast Iowa (Aaa stable), solid median family income at 100% of the nation and strong full value per capita at about $140,000. Reserves ratios will remain strong at more than 80% of revenue on a full accrual basis. Enrollment increased by around 3% in the 2022-2023 academic year. Spring 2024 enrollment was stable from the prior year and the College expects enrollment to remain stable going forward. 

“The continuation of Northeast Iowa Community College’s Aa1 rating is an indication of the College’s financial strength and sound leadership practices. The leadership team at NICC is fully invested in the success of the College, our students and local businesses, and is committed to good financial stewardship,” said Dave Dahms, NICC acting president.

See additional information and methodology from Moody’s Investors Service.