Penn State President Rodney Erickson delivered the following remarks during the regular meeting of the Board of Trustees, held Nov. 22 at The Penn Stater Conference Center Hotel on the University Park campus:
Good afternoon. As Keith Masser mentioned, we have a very tight schedule this afternoon, so I’ll keep my remarks brief. However, there’s always time for a little good news. First, Moody’s gave Penn State’s bond rating a boost by revising the financial outlook to positive. Moody’s cited Penn State’s "rapid and effectively executed improvements to its governance, best practices and management over the past year." The Aa2 rating with a positive outlook reflects a high-quality credit profile, as well as Penn State’s significant liquidity, limited financial leverage, and rapid response to challenges over the last year. The rating agency's report also referenced the resolution of most of the settlement claims with the victims of Jerry Sandusky in its rationale for revising the outlook.