Moody’s Reaffirms A&T Aa3 Credit Rating, Describes Outlook as ‘Stable’

EAST GREENSBORO, N.C. (Dec. 18, 2025) – The influential Moody’s Ratings organization has issued a new credit opinion for North Carolina Agricultural and Technical State University that reaffirms its credit rating of Aa3 and describes the university’s rating outlook as “stable.”  

The new report comes at a time when financial headwinds have caused Moody’s to describe the higher education sector’s overall outlook as “negative.” North Carolina A&T defies that trend due to “very good student demand” and growing enrollment, strong support from the State of North Carolina, growth in total wealth and strong state capital support.

“NC A&T will continue to experience very good student demand despite a highly competitive market environment. For fall 2025, management reports an approximately 6% increase in total FTE (full-time equivalent) enrollment and 10% increase in first-year first-time enrollment to 3,021,” read’s the report’s Market Position commentary. “Net tuition revenue growth prospects will remain partially constrained given an affordability focus by the UNC Board of Governors and state legislature, with 52% of students being Pell-eligible.

“Philanthropic support continues to be very healthy with 2024 three-year average gift revenue of $65 million translating to over $4,000 per student and exceeding the Aa-rated peer median.”

“We are delighted that Moody’s has reaffirmed N.C. A&T’s credit rating,” said Virginia Teachey, vice chancellor for Business and Finance at A&T. “This recognition underscores our steadfast commitment to sound financial stewardship and highlights the strategic initiatives we continue to pursue in advancing student success.”

In 2023, Moody’s upgraded A&T’s issuer and outstanding general revenue bond ratings to Aa3 from A1, citing material growth in financial reserves and favorable trends in enrollment. Those positive trends have further improved since then.

Moody’s cited several factors that could lead to another upgrade, including “further strengthening in brand and strategic position … material growth in wealth relative to debt and operations and consistency of operating results, with sustained EBIDA [earnings before interest, depreciation and amortization] margins in the mid-teens.”

Moody’s top investment-grade credit rating is Aaa. Aa1, Aa2 and Aa3 – A&T’s rating -- come next and represent institutions with “high quality” and “very low credit risk.” A1, A2, A3, Baa1, Baa2 and Baa3 fall below that in descending order and represent upper-medium or medium grades.

Anything below that represents institutions classified as “speculative” or “non-investment grade.” Those rankings descend in 11 stages from Ba1 to C.