Alabama State University officials say they're committed to revamping administrative processes to respond to a recent credit downgrade and a warning from an accreditation agency.
In a statement Monday, ASU President Gwendolyn Boyd said the school's recent credit downgrade by Moody's Investor's Service is the third in almost nine months and she considers it a "very serious issue."
Boyd says university officials are hopeful that fiscal austerity and the implementation of financial best practices will help restore the school's credit rating, which dropped Oct. 18, Jan. 21 and again on Thursday.
Alabama Gov. Robert Bentley says although he's disappointed, he's confident the school will bounce back.
Bentley says Alabama State University has the right president and board in place to guide the school's recovery from the downgrade and accreditation warning.