The original charter for Rice prohibited the University from incurring debt. The charter was amended in 1998 permitting Rice to issue its first debt, a tax-exempt issuance, in 1999. The current debt portfolio is almost entirely comprised of taxable debt, with the series 2010B variable rate debt and commercial paper being the remaining tax-exempt issuances. Debt has helped finance numerous world-class facilities at Rice, thus enabling expansion of academic operations and student enrollment. Such facilities include:
Percent taxable = 93%
Rice's strong financial position has resulted in the highest long-term credit rating from both Moody’s (Aaa) and Standard and Poor’s (AAA) for our debt program.
For additional detail on Rice’s debt program, see the official statement; continuing disclosure statement; and audited financial statements below.