In a reflection of Seton Hall University’s consistent enrollment trends, adequate financial resources and manageable debt profile, the S&P Global Ratings has affirmed the school’s long-term credit rating of ‘BBB+’ on revenue bonds issued through the New Jersey Educational Facilities Authority, saying the outlook for the South Orange school remains stable.
S&P’s report, released last week, highlighted Seton Hall’s strong enterprise risk profile, citing stabilizing full-time-equivalent enrollment, a rebound in graduate student numbers, and improved selectivity. In addition, the university’s financial risk profile was assessed as adequate, supported by breakeven operating results and sufficient liquidity, despite a high dependence on student-generated revenue.
“We are pleased that S&P Global has recognized the strength and resilience of Seton Hall’s academic and financial foundation,” Seton Hall President Monsignor Joseph Reilly said. “This affirmation reflects our ongoing commitment to strategic growth, student success and long-term sustainability.”
The report noted that Seton Hall’s maximum annual debt service remains manageable at 3.4% of adjusted expenses, with no new debt planned in the near term. The university’s cash and investments totaled $433.9 million as of June 30, 2024, representing 84.6% of operating expenses and 156.1% of outstanding debt.
S&P also acknowledged the university’s recent successes in philanthropy with multiple fiscal years of meeting or exceeding fundraising goals, and the leadership transition under Reilly, who began his tenure in July 2024.
The stable outlook reflects S&P’s expectation that Seton Hall will maintain steady enrollment and financial performance, with no significant changes to its debt profile.
The full report can be read here.
