Moody’s Investors Service has kicked Penn’s bond rating up a notch, from A1 to Aa3. Moody’s cited Penn’s strong fundraising performance, increased matriculation rates for accepted students and the turnaround of the Health System’s finances as factors that led them to upgrade the rating now, even though there is a changing of the guard at the top. Vice President for Finance Craig Carnaroli estimates that the higher rating will save Penn $3 million over 30 years on every $100 million borrowed.
With recent changes to Penn’s Enhanced Mortgage Program, Penn staff and faculty looking to live in West Philly can now house-hunt as far as 52nd Street to the west, Haverford Avenue to the north and the Schuylkill River to the east and south, and still be eligible for a cash loan, though the amount of that loan has shrunk from a maximum of $15,000 to $7,500. The loan—forgivable after seven years, so long as homeowners stay put—can be used to buy down points, make a down payment or for home improvements. Existing homeowners can apply for a $7,500 loan for improvements to houses valued at $75,000 or less. More information is available at www.business-services.upenn.edu/communityhousing.
Bring the kids
April 22 is Take Our Daughters and Sons to Work Day. The Division of Human Resources has a host of activities planned to introduce children ages 9 to 15 to the workplace, and you’re invited to bring your kids in for the day to participate. For complete information and registration, visit www.hr.upenn.edu/quality/daughterson.asp. No kids? You can “adopt” one for the day through Penn VIPS. For details, contact Isabel Mapp (firstname.lastname@example.org; 215-898-2020).
Originally published on April 1, 2004