Moody’s Maintains A2 Rating for UNC Asheville; Outlook Stable

Moody’s Ratings (Moody’s) has assigned an A2 rating to the University of North Carolina Asheville with an outlook of stable. According to Moody’s, this maintenance of the University’s A2 rating reflects its strong level of operating and capital appropriations received from the Aaa-rated State of North Carolina.

The stable outlook incorporates UNC Asheville’s expectations of stabilizing student demand, leading to growing net student revenue. Coupling this with ongoing strong state operating support will lead to incremental improvement in operating performance. The stable outlook also incorporates expectations of growth in unrestricted liquidity.

Despite the impact of Hurricane Helene on the Fall 2025 entering class, UNC Asheville’s prospects for recovery in student demand will continue. Under the leadership of Chancellor Kimberly van Noort, who was appointed in January 2024, the University is undertaking strategic initiatives intended to stabilize student demand and grow net tuition revenue.

The University’s Millennial Campus designation is also contributing to its stable outlook. This designation allows for the development of public-private partnerships that will enhance the institution’s research, teaching, and service missions as well as enhance the economic development of Western North Carolina. While the exact timing, cost, and structure of any development is uncertain at this time, it could lead to a marked increase in total adjusted debt over the next few years. The recently-formed Millennial Campus Development Advisory Committee will make recommendations for future development and support a thoughtful, transparent evaluation of options that can help ensure UNC Asheville’s long-term sustainability and future.

About UNC Asheville

Founded in 1927, UNC Asheville is a proud member of the University of North Carolina System. With award-winning faculty, small class sizes, and 90+ academic programs in the natural sciences, human sciences, humanities, arts, and social sciences, the University is recognized for its robust paid internship programs to prepare students to immediately enter the workforce. In the US News & World Report 2025 edition of Best Colleges, UNC Asheville is ranked No. #9 in Top Public Schools, and No. #7 in Princeton Review’s 2025 Top 50 Guide to Green Colleges. Known as the Bulldogs, UNC Asheville student-athletes compete in 16 NCAA Division I Teams in the Big South Conference. For more information, please visit: www.unca.edu.