11
FY
21
ANNUAL
FINANCIAL
REPORT
Long-Term Debt Obligations
TCNJ remains mindful of its limited debt capacity as it considers future strategic reinvestment in facilities
and new capital initiatives. e debt portfolio structure is all fixed-rate with no interest rate swaps. Additional
information about the college's existing long-term debt obligations is presented in footnote #9 to the financial
statements.
e chart below illustrates the aggregate annual debt service in principal and interest:
According to the rating agencies, TCNJ's bond ratings reflects strong student demand and conservative financial
management, which have translated into strong operating performance and significant growth in cash and
investments. As of November 5, 2021, the College's bond ratings and outlook were as follows:
