Correction appended
A series of bonds totaling approximately $236 million issued on behalf of the College has received AAA long-term ratings the highest possible rank from Fitch Ratings, an international credit rating agency. Fitch's AAA classification stands in contrast to that of its peer agency, Standard and Poor's, which gave a Dartmouth AA+ ranking. The College's long-term debt "more than doubled" between 2004 and 2008, Business Wire reported, but its operating margin decreased by 5.8 percent during the same period due to heavy investments in "academic programs, financial aid, and physical plant assets." Poor operating performance was largely counteracted by Dartmouth's strong balance sheet resources, according to Business Wire, as well as the cost-cutting measures the College has undertaken following the decline in its endowment. Fitch also praised the strength of Dartmouth's liquidity, giving the College a short-term "F1+" rating. In order to maintain its rankings, Business Wire reported, the College must "sustain its expected turnaround in operating performance beginning in fiscal 2010, while simultaneously maintaining liquidity at or near current levels."
Angus M. Russell '52, a fundraiser for the College for more than 20 years, died July 30 of a hemorrhagic stroke, the Philadelphia Inquirer reported. Russell retired from the College as a Senior Planned Giving Advisor and was granted Emeritus status by the Board of Trustees in recognition of his service, according to Philly.com. He attended the University of Pennsylvania Law School and later served a three-year stint in the U.S. Army. Russell practiced personal law at the firm Morgan, Lewis & Bockius for nearly three decades before working as a fundraiser for the College, Philly.com reported. He is survived by his wife of 49 years, Elisabeth, as well as three children and four grandchildren. A memorial service will be held on campus Friday at noon.
Barnes & Noble announced Monday that it will purchase Barnes & Noble College Booksellers Inc., which is separately owned by its chairman and founder, Leonard Riggio, Bloomberg reported. The College Booksellers which sold for a total of $596 million owned The Dartmouth Bookstore. The two Barnes & Noble organizations, originally a single entity, were separated in 1986 to facilitate the store's purchase of B. Dalton Bookseller, according to Bloomberg. Barnes & Noble, which saw a 3-percent decline in sales last year, will increase its earnings 35 percent annually by re-acquiring the College operation. Despite the transfer in ownership, students are unlikely to notice any differences at the Dartmouth Bookstore, according to BN College corporate communications manager Karen DiScala told The Dartmouth.
