S&P Global Affirms Seton Hall University’s ‘BBB+’ Credit Rating With Stable Outlook

S&P Global Ratings has affirmed Seton Hall University’s long-term credit rating of ‘BBB+’ on revenue bonds issued through the New Jersey Educational Facilities Authority. The outlook remains stable, reflecting the university’s consistent enrollment trends, adequate financial resources and manageable debt profile.

In its report, S&P highlighted Seton Hall’s strong enterprise risk profile, citing stabilizing full-time-equivalent (FTE) enrollment, a rebound in graduate student numbers and improved selectivity. 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,” said Monsignor Joseph Reilly, president of Seton Hall University. “This affirmation reflects our ongoing commitment to strategic growth, student success and long-term sustainability guided by our Catholic mission.”

The report noted that Seton Hall’s maximum annual debt service (MADS) remains manageable at 3.4 percent 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 percent of operating expenses and 156.1 percent of outstanding debt.

S&P also acknowledged the university’s successful fundraising efforts, with $172 million raised toward a $225 million comprehensive campaign, and the leadership transition under Monsignor 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.

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