Oxford Colleges lose AAA credit rating

Even Oxford Colleges are feeling the crunch of the recession…


Credit ratings agency Fitch has downgraded Lincoln, Somerville and St Peter’s from AAA ratings to AA+ ratings.

St Peter’s paupers…

 

The agency also downgraded the UK to an AA+ last week, following the example of rival agency Moody’s.

 

Fitch has stated that it was necessary to lower the ratings of the Oxford Colleges as public-funded bodies are not supposed to have a higher credit rating than the state that backs them.

 

However, the Colleges are unlikely to be too concerned about their lower ratings  -The Guardian reported that, according to the most recent set of accounts, St Peter’s College has funds of around £30m, whilst Somerville and Lincoln have £54m and £85.7m respectively.

Skinflints at Somerville…

 

The Oxford Colleges have declined to comment on their new ratings.