The $213 million bond sale later this month is just one part of the ongoing plan.
The plan covers projects already under way, including the university's Advanced Engineering Research building, College of Law addition, College of Physical Activities and Sports Sciences building, Student Health and Wellness facility and the first phase of modernizations to the school's Personal Rapid Transit system.
Other projects planned over the next five years include a new Agricultural Sciences building, the WVU Art Museum and Evansdale Campus redevelopment, and updates to student housing.
While the firms did note the school's solid enrollment and good fundraising base, they did say WVU faces some financial challenges.
Most notable was an increase in recent years in other post-employment benefits, or OPEB, costs.
"The university's financial resource ratios have been substantially weakened since fiscal 2008 due to the recognition of large unfunded other post-retirement employee benefit liabilities," said Standard & Poor's credit analyst Shivani Singh.
According to Moody's, WVU's 2012 balance sheet was weighed down by a $161 million OPEB liability.
But both firms noted recent state action to reform OPEB liabilities.
Last year, Gov. Earl Ray Tomblin and the state Legislature passed a bill designed to pay down these costs over time.
Both rating agencies said the law should help improve WVU's balance sheet over time.
"Standard & Poor's will continue to monitor the state's progress in funding its OPEB liabilities and the impact of recent measures on the size of WVU's OPEB liabilities and financial resources in future years," the Standard and Poor's report said.
Contact writer Jared Hunt at jared.h...@dailymail.com or 304-348-5148.