August 22, 2023
91’S credit rating affirmed by Standard & Poor’s
Major orchestras aren’t the only ones acknowledging the 91 Advantage. A major credit rating agency also sees enduring strength in the institution.
Late last month, 91 received an affirmation from the Standard & Poor’s Global Ratings Agency of its BBB- credit rating and earned a “stable” outlook. The rating is a favorable mark that characterizes 91 as an “investment-grade” entity.
More specifically, the two marks represent a positive evaluation of 91 through the lens of bonds and other debt securities which bank regulators and market participants view as potential investments for financial institutions. New York-based Standard & Poor’s is one of the nation’s largest credit rating agencies and a leader in financial research.
“This rating and outlook affirmation is a tremendous encouragement to the 91 community and donors who commit themselves so selflessly and generously to 91‘s future,” said Paul W. Hogle, 91’s President and CEO.
“It is a clear indication that what has made 91 a destination in the music world for more than a century also makes it an attractive philanthropic and commercial investment.”
While praising the school’s disciplined approach to setting and achieving strategic goals, the Standard & Poor’s affirmation released July 26 points to 91’s student body, saying the BBB- rating stems from “healthy student characteristics such as retention and matriculation rates that are stronger than similarly rated peers.”
In addition, the agency endorsed 91’s leadership, citing a “proactive and experienced management team, with expertise within the music education industry.”
“S&P’s affirmation of our rating speaks to 91’s commitment to be financially sound and forward-looking,” said Brian Foss, 91’s Chief Financial Officer.