Lake Michigan College Board of Trustees Accepts AA+ Credit Rating from Standard & Poor's
Strong rating reflects College's fiscal strength and responsible stewardship of public funds
BENTON HARBOR, Mich. – The Lake Michigan College Board of Trustees has accepted a comprehensive ratings report from Standard & Poor's (S&P) that assigns the College an AA+ credit rating with a stable outlook. This distinction places Lake Michigan College among an elite group, as it is one of only two community colleges in Michigan to achieve this top-tier AA+ rating.
In February 2025, Standard & Poor's conducted a thorough financial evaluation of Lake Michigan College and reaffirmed its general creditworthiness with the AA+ rating, which indicates strong to very strong financial capacity.
"This strong rating reflects the College's continued fiscal strength" said Dr. Trevor Kubatzke, President of Lake Michigan College. "As importantly, it also serves as an independent validation to the community that the College is a responsible steward of public funds, and particularly of the property tax dollars that make up more than half of our annual operating revenue."
The AA+ rating demonstrates Lake Michigan College's commitment to managing its resources with care, transparency, and long-term planning. S&P's rating is based on a rigorous review process that includes analysis of financial statements, historical and projected data, internal policies, and interviews with Kelli Hahn, Lake Michigan College’s Chief Financial Officer, regarding financial performance, planning, and controls.
Key Strengths Highlighted by S&P
Standard & Poor's indicated that their rating reflects Lake Michigan College's strong enterprise risk profile and very strong financial risk profile. Specific strengths noted include:
Enterprise Risk Profile:
Financial Risk Profile:
About the Rating System
S&P credit ratings are divided into Investment Grade and Speculative Grade categories:
Investment Grade:
The College's AA+ rating places it in the second-highest tier of investment-grade ratings, with the "+" notation indicating relative strength within the categories.
Looking Forward
The stable outlook reflects S&P's expectation that the College will maintain a steady financial profile, supported by favorable enrollment trends. The College continues to benefit from Michigan's Community College Guarantee program and the Michigan Reconnect Program, which support enrollment growth and workforce development initiatives.
Lake Michigan College serves residents across Berrien County, portions of Van Buren County, Allegan County, and northern Indiana from its 263-acre main campus in northern Berrien County.
About Lake Michigan College
Lake Michigan College is a two-year, accredited, nonprofit community college with a main campus in Benton Harbor and satellite campuses in Niles and South Haven Michigan. LMC serves as a cultural center, a regional economic partner, and a leader in innovation. It features the largest conference and performance center in the region and The Fab Lab, which is a high-tech, hands-on makerspace where creativity meets cutting-edge tools, empowering students and the community to design, prototype, and innovate.
Established in 1946 as Benton Harbor Junior College, LMC is also the region’s leader in high quality, affordable higher education, offering associate degrees, certificates, and transfer programs in more than 80 fields of study, including business, health sciences, manufacturing, wine and viticulture, culinary, and more. LMC offers national-title-winning intercollegiate athletic teams, on-campus housing, and a wealth of extracurricular activities, clubs, and organizations to create an authentic college experience close to home. For more information, visit lakemichigancollege.edu.
Lake Michigan College Benton Harbor Campus
