Nova Southeastern University bonds downgraded - Brian Bandell, South Florida Business Journal

Fitch Ratings downgraded its bond rating for Nova Southeastern University to BBB from BBB+, and cited the declining value of the university’s investment portfolio. The rating on the nearly $180 million of outstanding education facilities revenue bonds issued by NSU remains investment grade. Fitch said the outlook is stable. Over the 12 months of its 2008 fiscal year ended June 30, NSU’s available funds fell 27.7 percent to $118.5 million. In the subsequent nine-month period ended March 31, the university’s available funds declined an additional 31 percent.