In the latest ratings announced by the major US rating company Standard & Poor's (S&P) on December 18th, 2006, the Tokyo University of Science (Chairperson of the Board of Governors: Takeyo Tsukamoto) again received the long-term credit rating of "AA- / Outlook Stable" for this year. "AA-" is the fourth highest S&P rating, "AAA" being the highest. This is the fourth year in succession that TUS has been rated "AA-" since it received its first S&P rating in January 2004.
The reasons given for S&P's latest evaluation are as follows.
(1) The university has well-developed educational programs and respected research capabilities, as well as a high enrollment rate of successful applicants.
(2) The university has an ongoing process of restructuring research and educational facilities, and this is seen as helping to maintain or improve competitiveness.
(3) The university is also making progress in obtaining external funding in collaborations with industry and government.
(4) The university maintains a balance sheet free of debt, supported by ample liquidity and large reserves.
Amid a continuing decline in the number of entrance exam applicants for science and engineering universities throughout Japan, TUS has been able to maintain the same rating as last year despite this harsh environment. In our view, this evaluation has been reached because the university has devised sound strategies for survival, it has an ongoing process of restructuring research and educational facilities, this will contribute to maintaining or improving competitiveness in future, and the university has maintained a healthy financial profile, among other reasons.
S&P Press Release
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* Ratings are essentially recognized as a means of objectively evaluating the financial strength and other attributes of a corporation for the benefit of potential investors. However, TUS commissions S&P to analyze its business because it judges that publicly disclosing third-party evaluation and taking steps to improve competitiveness in the global spectrum will help to reinforce creditworthiness when procuring external funds or investing capital.