LETTERS TO THE EDITOR: PRAISE FOR UNIVERSITY SYSTEM

To the Editor:

Every taxpayer in the state has reason to be proud of the management of the four-campus University of Missouri System, under the leadership of President George A. Russell, his vice presidents and the chancellors in charge of each campus.

It is one thing for the Board of Curators to make that claim but quite another for the judgment to be made by respected third parties.

The University recently learned that Standard and Poor's and Moody's have accorded the University of Missouri the highest bond ratings given to any public university in the nation.

The University's bond rating was upgraded to AA+ by Standard and Poor's and to Aa by Moody's. Only three other public universities -- Maryland, Michigan and Virginia -- are rated as highly by both agencies.

The improved ratings, which will save millions of dollars in future interest costs, resulted from the fundamental creditworthiness of the University, which is a reflection of its leadership and its prudent day-to-day management.

Under President Russell's leadership, the University in 20 months has achieved more than half the self-help goals it set out to accomplish in a five-year financial plan. The University is erasing its backlog of deferred maintenance projects, investing in continual maintenance, improving faculty salaries, expanding student financial aid, sparking research, replacing outmoded teaching and research equipment and addressing other priorities with the resources already entrusted to its care.

National recognition of such good stewardship sends a powerful and welcome message to the citizens of Missouri to whom the University belongs.

Sincerely,

John P. Lichtenegger

President, Board of Curators

University of Missouri System