SWEET BRIAR, Va. (CBS19 NEWS) -- For the third year in a row, S&P Global Ratings has raised the long-term rating of a private women's college in Virginia that almost closed permanently in 2015.
On Monday, S&P Global raised the rating for Sweet Briar College from a BB- to B+ and also revised the outlook from stable to positive on bonds issued for the college.
“The rating upgrade reflects our view of the college’s successful implementation of various measures intended to stabilize the college’s operations,” according to S&P’s release. “In fiscal 2018, the management team has reset tuition to aid student affordability and solidly reduced operating expenses and the full-accrual deficit compared with the previous year.”
The efforts of alumnae and community members saved the college in 2015 and have since been breaking fundraising records.
Since the college almost shut down, it has brought in a new president, revamped its programs, and unveiled a new women's leadership program, among other changes.