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KBRA Affirms Texas Tech University System RFS Bonds at AA+, Stable Outlook

21 Jan 2026   |   New York

Contacts

KBRA affirms the AA+, Stable Outlook on outstanding Texas Tech University System Board of Regents Revenue Financing System (“RFS”) Bonds issued on behalf of the Texas Tech University System. RFS obligations issued under the Master Resolution are payable from and solely secured by Pledged Revenues of the RFS System.

Key Credit Considerations

The rating action reflects the following key credit considerations:

Credit Positives

  • Solid finances, characterized by substantial liquidity, diverse funding, and typically balanced operations.
  • Healthy student demand, driven by an expansive operation that includes academic and health institutions.
  • Highly experienced and stable leadership team.

Credit Challenges

  • On-going plans for debt issuance driven by capital-intensive nature of operations.

Rating Sensitivities

For Upgrade

  • Strengthened financial performance and liquidity, providing enhanced financial flexibility.

For Downgrade

  • While not expected, a significant increase in leverage that strains the RFS security pledge and structure.

To access ratings and relevant documents, click here.

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1013140