Apr 20, 2004 -- Moody’s Investors Services recently upgraded Yeshiva University’s bond rating to Aa2 from Aa3 (upper-medium grade to high grade), citing its strong financial resources, solid investment returns during a difficult environment, established student market presence, as well as substantial growth in philanthropic gifts, and a new President committed to strategic planning and fundraising. Yeshiva University will now be included with ten such other institutions as John Hopkins University, Emory University, Vassar College, and Vanderbilt University, also rated Aa2 by Moody’s. Only 37 universities and colleges are rated Aa2 or higher by Moody’s. The credit enhancement evidenced by the Aa2 rating should impact favorably the interest rate on future bonds sought by the University, and will also reduce the cost of bond insurance. While an upgraded bond rating results in lower interest rates on the funds the University borrows—creating substantial savings over time, it also represents significant recognition of fiscal strength, strong performance over time of the endowment, and sustained demand in the educational marketplace of our colleges and schools. “Fiscal strength and the proven ability to repay debt are contributing factors," said President Richard M. Joel, "but many other elements such as reputation and commitment to strategic and fiscal planning come into play as well. Our Trustees should be pleased, knowing that the institution to which they have devoted time, energy, and resources has been well served. Much has been achieved, and much remains to be done---as we all continue to work together for the benefit of the University as it enters a new era of growth and development.”