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BRYAN-COLLEGE STATION, Texas — The Texas A&M University System has received the highest possible credit ratings from the nation’s three major credit rating agencies, earning top marks that place the A&M System among an elite group of four universities and university systems nationwide with the highest ratings from all three major agencies.

Fitch Ratings and S&P Global Ratings assigned AAA ratings and stable outlooks to the Board of Regents of The Texas A&M University System’s Series 2026A and Series 2026B Permanent University Fund bonds. Moody’s Ratings, in its latest credit analysis, lists the A&M System at Aaa with a stable outlook.

Moody’s summarized the A&M System’s position by writing that its “exceptional credit quality” reflects “robust financial reserves and a large and growing scale.”

“These ratings are an outside assessment of the strength and discipline of The Texas A&M University System,” said Board Chairman Robert L. Albritton. “The Board’s responsibility is to protect the long-term financial strength of this System while making sure Texas has the classrooms, laboratories, research facilities and workforce training capacity it needs. The highest ratings from the nation’s major credit agencies show that the A&M System is managing growth responsibly and earning the trust placed in us.”

The ratings reflect confidence in the A&M System’s financial resources, strong state support, debt management and the strength of the Permanent University Fund, a constitutionally established endowment that supports capital projects for The Texas A&M University System and The University of Texas System.

Fitch assigned a AAA rating to $358,720,000 in tax-exempt Series 2026A bonds and $43,325,000 in taxable Series 2026B bonds. Fitch also affirmed its AAA rating on approximately $1.5 billion in outstanding A&M System PUF bonds and affirmed its F1+ short-term rating on $300 million in authorized A&M System PUF commercial paper notes. The rating outlook is stable.

Moody’s Ratings cited the A&M System’s exceptional credit quality, robust financial reserves, large and growing scale, strong statewide role and support from the State of Texas. Moody’s report noted the System’s 12 campuses serving more than 146,000 full-time equivalent students, $29.4 billion in total cash and investments for fiscal year 2025 and large research profile.

“These ratings matter because they help us build for Texas at a lower cost,” said Chancellor Glenn Hegar. “They allow the A&M System to move forward with projects that serve students, support research, strengthen our agencies and prepare the workforce our state needs. This is what disciplined growth looks like: strong financial management tied directly to service.”

The new PUF bonds will refund outstanding commercial paper and portions of previously issued bonds and to expand academic and research capacity through investments in state-of-the-art computing infrastructure and new educational facilities.

The Permanent University Fund was established by the Texas Constitution in 1876. The A&M System receives one-third of the annual distribution from the Available University Fund, which receives distributions from the Permanent University Fund. Those distributions help finance eligible capital projects across the A&M System.