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State Debt Policies and the Credit Ratings of Public Universities

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  • Michael J. Moody

    (University of Kansas)

Abstract

As public institutions have come to rely more heavily on borrowing, they have adopted many policies to govern debt issuance in an effort to bolster their credit rating and thus reduce the costs of borrowing. In many states, the implemented debt polices are applied not only to direct state agencies but also to the public entities such as universities that operate with some autonomy. The question of how these state policies affect various actors remains unanswered. Given that some states' debt policies with respect to public universities are more restrictive than others, how are these differences perceived in credit markets? This article looks at the impact of certain state policies and procedures on public university credit ratings.

Suggested Citation

  • Michael J. Moody, 2008. "State Debt Policies and the Credit Ratings of Public Universities," Public Finance Review, , vol. 36(3), pages 287-307, May.
    • Handle: RePEc:sae:pubfin:v:36:y:2008:i:3:p:287-307
    DOI: 10.1177/1091142107311460
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    References listed on IDEAS

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    1. James M. Poterba & Kim Rueben, 1999. "State Fiscal Institutions and the U.S. Municipal Bond Market," NBER Chapters, in: Fiscal Institutions and Fiscal Performance, pages 181-208, National Bureau of Economic Research, Inc.
    2. Stuart Landon & Constance E. Smith, 2000. "Government debt spillovers and creditworthiness in a federation," Canadian Journal of Economics, Canadian Economics Association, vol. 33(3), pages 634-661, August.
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