Buffalo, NY - Canisius University announced today that S&P Global Ratings has issued its official credit rating of the university in connection with its upcoming bond offering. S&P has assigned Canisius University a credit rating of BBB for its Series 2025 Revenue Bonds, with an outlook of “Stable.”
This investment-grade rating represents a significant milestone in the university’s bond offering process and reflects S&P's assessment of the university's creditworthiness, strategic direction, and confidence in the leadership's ability to successfully execute the strategy. Moreover, it clears the way for Canisius to access $55 million in tax-exempt bond funding through an issuance recently approved by the Buffalo and Erie County Industrial Land Development Corporation.
An investment-grade rating positions Canisius well to move forward with key elements of Answer the Call. The university will use the $55 million in bonds for two primary purposes: to refinance approximately $40 million in existing debt at more favorable interest rates and to invest in capital projects that enhance the student experience and modernize learning environments. These projects include the construction of a Student Success Center in the Bouwhuis Library, the renovation of 26,000 square feet of space in Science Hall, and the construction of innovative, engaging, student-centered learning spaces in Old Main.
In announcing the new credit rating, President Steve Stoute recognized Bob Baumet, vice president for finance and administration, for "his good work in managing this process, along with the many others who have contributed in important ways to these efforts.”
Canisius will continue working with its underwriters in the coming months to finalize the timing and structure of the bond issuance.
Founded in 1870 in Buffalo, NY, Canisius is one of 27 Jesuit colleges and universities in the U.S. Consistently ranked among the top institutions in the Northeast, Canisius offers undergraduate, graduate, and pre-professional programs distinguished by close student-faculty collaboration, mentoring, and an emphasis on ethical, purpose-driven leadership.
