A credit rating change for Holy Family University has shaken $4.6 million from its debt obligations, resulting in additional resources for programs. Kennedy Rose schooled Philadelphia Business Journal readers on the source of the capital.

S&P Global Ratings recently assigned Holy Family an A- issuer credit rating, an upgrade from Fitch Ratings’ 2020 rating of BBB-.

The ratings improvement precipitated a long-term debt refinance, whose advantageous interest rates yielded the extra cash.

Anne Prisco, Holy Family president, implied that the resource is especially useful in a period when many universities are struggling with pandemic finances.

“We’re not having to retrench, not needing to scale back,” she said. “Now we’re in a position of ‘How are we going to scale and [become] larger because we’re in this position?’ For me, it’s really exciting as the new president.”

In addition to the academic spending, the resources will go toward capital projects to increase pedestrian safety, expand and refurbish Holy Family Hall, expand the university library, and further beautify the campus.

More on the unexpected influx of capital at Holy Family University is at the Philadelphia Business Journal.