Happy Friday! I want to share with you this week some good news about the financial health of our University of Michigan.
Financial stewardship is one of our core objectives in B&F. Through careful management of costs, each of us ensure that the university continues to have the resources to fulfill its educational and research missions and deliver on our promise of academic excellence. I’m pleased to share our 2016 annual report , where you can learn more about the university’s strong financial health.
One indicator of our financial strength is that we have earned the highest credit ratings available from Standard & Poor’s (AAA) and Moody’s Investor Services (Aaa). U-M is one of only seven public universities in the country to earn both of these ratings. This standing makes us extremely attractive to investors who invest in our bonds. Earlier this month we sold $465 million of University of Michigan bonds and the demand for them from investors far exceeded the amount available, which allowed us to secure financing for a variety of projects at very low cost. Kudos to Cindy Corridore and Josh Wicks, the two Treasury team members who represented the University on Wall Street (and in Times Square!) for the bond sale, and to everyone whose hard work helped make it possible.
The opportunity for professional growth and development, whether on Wall Street or closer to home, reflects my deep commitment to investing in each of you. It is but one item that makes U-M a great place to work. And speaking of a great place to work, I’m thrilled that for the third consecutive year, U-M has been recognized for creating a positive workplace with the 2017 Seal of Distinction from WorldatWork. Please join me in congratulating our Work-Life Programs team and everyone in UHR on earning this recognition.
With much gratitude and appreciation,