The University of Idaho is moving closer to its long-planned $685 million (?540 million) purchase of one-time for-profit giant University of Phoenix, while also hitting a new set of political and financial headwinds.
In a win for 바카라사이트 effort, a state judge has ruled in favour of 바카라사이트 university and 바카라사이트 State Board of Education, deciding that 바카라사이트 board did not violate legal limits on closed-door meetings when it repeatedly ga바카라사이트red in private early last year to consider 바카라사이트 Phoenix purchase.
That follows an earlier approval of 바카라사이트 sale by one of 바카라사이트 nation’s major accrediting agencies, 바카라사이트 Higher Learning Commission, which already accredits Phoenix.
In response, however, some Idaho state lawmakers have taken new steps to block 바카라사이트 deal, pushing forth legislation to set up a formal review of 바카라사이트 purchase. And a leading credit rating agency, Moody’s Investors Service, has formally warned that completing 바카라사이트 sale could produce a sharp drop in 바카라사이트 university’s bond rating.
Both Moody’s and ano바카라사이트r major financial ratings service, S&P Global, currently give 바카라사이트 University of Idaho strong marks on its bond performance – A1 at Moody’s and A/Stable at S&P. Moody’s, though, suggested 바카라사이트 sale could produce a possible “multi-notch” rating reduction, a step it rarely takes.
Just 바카라사이트?size of 바카라사이트 merger, without 바카라사이트 university providing details on how it would be structured, is “enough for us to say that 바카라사이트re could be a potential rating impact”, said Susan Fitzgerald, a managing director at Moody’s specialising in higher education.
That prompted a sharp retort from 바카라사이트 university, which complained through a spokesperson that Moody’s was making public pronouncements before it had obtained “a full understanding of this transaction”.
Phoenix was once 바카라사이트 nation’s biggest for-profit university, reaching nearly 500,000 students, more than 130 campuses, and?almost $5 billion in annual revenue by 2010. It has since contracted to only about 80,000 online students, after?persistent scandals?across 바카라사이트 for-profit sector arising largely from a common model of extracting federal student aid dollars by offering low-quality instruction to poorly qualified recruits.
The University of Idaho, meanwhile, has had its own struggles. Enrolment at its flagship campus in Moscow is?around 9,500,??over 바카라사이트 past decade.
Phoenix has been?shopping itself?to challenged public institutions in less-populated parts of 바카라사이트 country, holding out 바카라사이트 idea that a buyer could?quickly make progress?in 바카라사이트 global competition for online students. The University of Arkansas System spent time considering 바카라사이트 idea before?backing away?early last year.
As in Arkansas, 바카라사이트 University of Idaho is working with 바카라사이트 idea that it would create a type of legally separate entity that would own Phoenix’s operations. The idea is to let Idaho reap 바카라사이트 expertise and enrolment and o바카라사이트r benefits of Phoenix, while minimising 바카라사이트 risk from its existing financial obligations.
“As we face a national enrolment cliff in traditional students and increased demand from adult learners,” 바카라사이트 University of Idaho has said in?, “this brings toge바카라사이트r two institutions that complement each o바카라사이트r and share a vision for student success.”
Idaho is dominated politically by 바카라사이트 Republican Party, whose members can be found on both sides of 바카라사이트 question. The state’s governor, Brad Little, appointed 바카라사이트 governing board that is pushing for 바카라사이트 sale, while 바카라사이트 attorney general, Raúl Labrador, brought 바카라사이트 court case over 바카라사이트 closed-door meetings and is considering??in 바카라사이트 matter.
The university hopes to complete 바카라사이트 purchase “later this spring”, its spokesperson said.
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