By HILLARY EDMAN

Staff Writer

According to a Sept. 22 decision by Moody's Investor Service to upgrade the university bond rating, Tech's financial credibility has increased.

Moody's is a service that publishes credit opinions, research and ratings on fixed-income securities. The summary of this decision appears in the Oct. 17 issue of "The Chronicle of Higher Education."

Joe Thomas, vice president for financial services, said the upgrade may be new, but these bonds have been around for years.

"The bonds were issued a number of years ago. They built Wyly Tower [of Learning] and A. E. Phillips complex, and they are secured with a fee," Thomas said.

"It is just another business function. We are a nation that likes to rate things."

The bonds serve as fixed-income securities and can be bought and sold like shares but, unlike shares, offer guaranteed annual returns.

Thomas said the upgrade is just another way of showing Tech's potential.

"It adds further credibility to the direction the university is moving and its ability to maintain that positive opinion," he said.

Thomas said this year's increase in enrollment is one of the many factors that lead to receiving this upgrade.

"Moody's contacted us and gathered financial information," Thomas said.

"They had looked at financial records and data about enrollment and made an assessment."

Thomas said Moody's basis for the upgrade not only displayed data and enrollment numbers, but the hard work of the students and faculty. "[I credit] the entire campus," Thomas said.

"It's a function of the leadership coming from the president, the administrative council, the faculty and the students. It has a lot of components, not just one single thing."

Tech President Dr. Dan Reneau said he is very pleased to be viewed as financially sound.

Reneau said the entire campus made this upgrade possible, but he credits Thomas' hard work and dedication as the main reason it was received.

"Joe Thomas is the finest vice president of financial services working today," Reneau said.

"He is one of the most conscientious, sincere people you'll ever want to meet."