Macquarie Uni considers bond issue 06 April 2010 3:35PM Philip Bayley Macquarie University has been assigned an 'Aa2' long-term credit rating by Moody's, with a stable outlook. The rating reflects Macquarie University's sound operating performance, positive liquidity level and strong market position. It also incorporates a large, but manageable increase in its debt to re-finance existing borrowings and partially fund its capital improvement program. Moody's went on to observe that Macquarie University had virtually no debt until 2008, but debt is forecast to peak at approximately A$357 million in 2010 as it increases borrowings to partially fund its capital program, estimated at approximately A$500 million over five years. It initiated its current borrowing program in 2008 through bank loans and is now considering various financial options, including a potential bond issue.