Moody’s Ratings and S&P Global Ratings have affirmed Kean University’s strong credit
ratings, recognizing the university’s financial stability, enrollment growth and strategic
leadership as Kean prepares to finalize its merger with New Jersey City University.
Moody’s assigned Kean an A2 rating with a stable outlook for the university’s proposed
Series 2026 revenue and refunding bonds while also affirming its A2 issuer and
outstanding revenue bond ratings. S&P Global Ratings affirmed an A- long-term rating
and has determined the outlook to be positive for the same bond issuance.
The rating actions come as Kean moves toward completing its merger with NJCU on
July 1, 2026, following key legislative, accreditation and regulatory approvals.
“These affirmations demonstrate confidence in Kean University’s financial stewardship,
strategic direction and long-term vision for growth,” Kean President Lamont Repollet
said.
“As we prepare to welcome NJCU into the Kean family, we are building a stronger,
more expansive urban research university that will create even greater opportunities for
students across New Jersey. This recognition validates the work our university
community has done to strengthen Kean while advancing access, innovation and
student success.”
In its report, Moody’s highlighted Kean’s “strong state support, including supplemental
funding to cover transition costs and management’s credibility and track record” as
factors supporting the university’s rating during the merger process. The agency also
cited Kean’s growing scale, healthy balance sheet and generally positive operating
margins.
S&P noted that Kean’s enrollment reached an all-time high in fall 2025, with applications
increasing more than 35% and full-time equivalent enrollment growing for the third
consecutive year. The agency also pointed to Kean’s R2 Carnegie research
designation, online initiatives and experienced leadership team as drivers of continued
momentum.
“These ratings validate the University’s disciplined financial planning and thoughtful
approach to the NJCU merger,” Steve Fastook, chair of the Kean University Board of
Trustees, said. “The agencies recognized Kean’s strong operating performance, stable
liquidity and responsible debt management, even as we undertake a transformational
expansion of our mission and footprint.”
The merger legislation signed earlier this year authorizes NJCU to become an additional
location of Kean University, to be known as Kean Jersey City. The state of New Jersey
has committed significant support for the transition, including funding to assist with
integration costs and capital improvements.
S&P also highlighted the University’s expanding research initiatives and the
development of the new 1085 Morris Avenue building, which will support emerging
programs in biotechnology and artificial intelligence.
“The teams within the Division of Finance continue to work collaboratively to uphold
Kean’s high standards of fiscal monitoring and stewardship during this complex
organizational change as we advance the merger,” Michael Salvatore, executive vice
president for academic and administrative operations, said. “Their professionalism and
commitment to operational excellence are deeply appreciated and remain instrumental
to the University’s continued financial strength and stability.”
The ratings reinforce Kean’s position as New Jersey’s first urban research university
and reflect continued confidence in the University’s strategy to expand educational
access, strengthen research opportunities and serve communities across the state.
