5 college institutions removed from negative credit watch
BATON ROUGE - With deep budget cuts dodged by Louisiana's public colleges, national credit rating agency Standard & Poor's has removed five higher education institutions from a negative credit watch.
Gov. Bobby Jindal's administration announced the credit decision Wednesday. The move by S&P indicates the institutions aren't facing the short-term possibility of a rating downgrade.
S&P's decision affects Nicholls State University, the University of Louisiana at Lafayette, the University of New Orleans Research Foundation, LSU's Bogalusa Community Medical Center Project and the Delgado Community College Foundation.
The credit agency had put the institutions on a negative watch in April, as higher education was threatened with hefty slashing because of state budget problems. But lawmakers scaled back tax breaks and raised taxes to avoid the cuts, giving colleges a largely standstill budget this year.