COEUR D'ALENE, Idaho — The recent downgrade of North Idaho College’s bond rating could affect the college’s financial future, if NIC plans to build more student housing or if enrollment drastically declines.
Last week, Moody’s Investor Service downgraded NIC’s issuer rating from A3 to A1 and its revenue bond rating from A3 to A2, citing “a continuing period of significant governance and management dysfunction.”
“When they start downgrading, it’s really a black mark on an institution,” said Mic Armon, vice chair of the North Idaho College Dormitory Housing Commission and former NIC trustee. “You don’t want to have a downgrade.”
The NIC Dormitory Housing Commission is, by Idaho statute, appointed by the governor to oversee operations of dormitory housing projects for North Idaho College. Annual commission meetings are held in the spring to review and approve the proposed budget for operations of the NIC Residence Hall, Edminster Student Union Building and the Student Wellness and Recreation Center.
NIC carries no debt other than the bond issued by the Dormitory Housing Commission, which financed the Student Wellness and Recreation Center. Until the remaining $7.9 million debt is paid, the commission owns the building.
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