BIDDEFORD, Maine (AP) The bond rating of the largest private university in Maine is going up a bit.

The University of New England says it has received an improved credit rating from “A-“ to “A+” from Fitch Ratings. Fitch is one of the agencies that assesses credit ratings, which play a role in institutions’ ability to borrow money.

The new rating moves University of New England higher within the upper medium grade rating tier. The university says the agency has also described its financial outlook as “stable.”

The report states that UNE’s rating is buoyed by factors such as conservative budget management. The rating boost comes at a time when many private universities face poor economic trends.

The university is home to Maine’s only medical school as well as many other programs.