In December 2010, Liberty sold $120 million in facilities bonds, with the proceeds to be used to finance future expansion. An additional $100 million in taxable bonds were sold in January 2012, with the proceeds used to help finance $225.2 million of planned capital projects around the campus over the next five years. The bond offering is part of Liberty University's campus transformation plan which will include several renovations and additions to academic buildings and student housing, as well as fund the new Jerry Falwell Library and formation of a medical school. The bonds received a rating of "AA" from Standard & Poor's and in 2013 received an upgraded rating of "Aa3" along with a "stable outlook" projection from Moody's Investors Services based on "...the increasing scope of the University's activity", "...its large pool of financial reserves", "...uncommonly strong operating performance", and "...discipline around building and maintaining reserves".