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S&P Global Ratings raised its financial outlook on New Jersey Institute of Technology (NJIT) to “stable,” the school announced Oct. 17.

“The revised stable outlook reflects a firmer enrollment trend and expectations of improved financial operating performance,” S&P said, detailing how it based its determination.

NJIT’s long-term credit rating remains “A.”

“The rating and outlook reflect NJIT’s rising enrollment trend, diverse economic academic programs and strong research capabilities, including being one of three Carnegie Classified R1 research universities in New Jersey, with consistently strong student and faculty quality and retention rates,” S&P noted. “We understand further financial improvement is anticipated for fiscal 2022 as revenue exceeded budget and stimulus funds provided some relief.”

The positive news comes amid broad growth at NJIT. Over the past 10 years, the school has seen total enrollment climb 21% to an all-time high of 12,000 students while diversifying its curriculum with new programs in financial technology, forensic science and cyberpsychology, on top of achieving the R1 status.

NJIT President Teik Lim, who took up his post this summer, described the outlook as encouraging and called it foundational to his goal of making the university a preeminent polytechnic in the U.S.

“This action by S&P reflects the upward trajectory of NJIT,” Lim said in a statement on NJIT’s website. “We are attracting more students than ever, and that is because they see the success of our graduates, the impact of our research, and the spirit of innovation that exists throughout NJIT.”