U.S. Higher Education Rating Actions, 2021

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21 Jan, 2022 | 20:08

Primary Credit Analysts:Jessica L Wood, Laura A Kuffler-Macdonald
Secondary Contact:Nicholas Breeding
Sector U.S. Public Finance Higher Education

View Analyst Contact Information

S&P Global Ratings lowered 14 ratings and raised 12 ratings on U.S. colleges and universities in 2021. Notably, of the ratings that were lowered, only three had outlooks that had been revised to negative as part of S&P Global Ratings' response in April 2020 to the risks associated with the COVID-19 pandemic. Upgrades occurred starting in the second quarter of 2021, while downgrades trailed off after the first quarter.

We enter 2022 with 23% of our rated U.S. colleges and universities on negative outlook, highlighting our opinion that the pandemic-related pressures in the sector will continue to stress the lower end of the rating spectrum or schools that were already struggling operationally. Almost 75% of rated colleges and universities maintain a stable outlook, and 2.5% now have positive outlooks. This contrasts with our rated universe entering 2021, when only 61% of U.S. higher education ratings had a stable outlook, 39% had a negative outlook, and only a single university had a positive rating outlook. In 2021, outlook revisions to stable (68) outpaced negative or positive revisions (28 combined). Following the State of Illinois general obligation (GO) outlook revision in March and related stable outlook revisions on several Illinois universities, we took positive actions on many of the same institutions, as they demonstrated entity-specific financial improvements throughout the rest of the year.

Entering 2022, approximately 44% of our private university issuers are rated 'BBB+' or below. This compares with almost 47% of public university ratings falling within the 'A' rating category, and only 12% rated 'BBB+' or lower.

Although many schools delayed students' return to campus for the spring semester at the start of 2021, campuses overall sought a return to normal in the fall, although the increasing spread of the delta variant presented some challenges at that time. The vaccine rollout in 2021 opened a path toward recovering enrollment numbers for many universities, particularly for new international students as travel restrictions eased, although most schools, aside from the most selective institutions, still struggled with undergraduate enrollment. Most funding sources that support higher education institutions began to stabilize in 2021, as more than half of states adopted budget increases for higher education appropriations in fiscal years 2021 and 2022. At the same time, institutions can use the $39.6 billion in federal aid from the American Rescue Plan over the next few years. With high investment returns in fiscal 2021 and enrollment recoveries for some institutions, schools in less-favorable market positions (due to location, selectivity, and/or market niche) continue to face a widening credit quality gap. This, in our opinion, could lead to further pressure on the more vulnerable colleges and universities in our rated universe of U.S. higher education institutions.

Chart 1

Table 1

U.S. Higher Education 2021 Rating Action Summary
	First quarter	Second quarter	Third quarter	Fourth quarter	Total
Rating initially assigned	2	4	2	5	13
Rating raised	0	4	1	5	10
Rating raised; outlook stable	0	0	1	0	1
Rating raised; outlook positive	0	1	0	0	1
Rating raised; outlook negative	0	0	0	0	0
Rating lowered	3	2	0	1	6
Rating lowered; outlook stable	7	1	0	0	8
Rating lowered; outlook positive	0	0	0	0	0
Rating lowered; outlook negative	0	0	0	0	0
Rating maintained; outlook stable	18	22	18	10	68
Rating maintained; outlook positive	1	2	5	4	12
Rating maintained; outlook negative	7	6	2	1	16

Table 2

U.S. Higher Education Ratings Initially Assigned
Institution	State	Rating	Outlook
Albion College	MI	BBB+	Stable
Augustana University	SD	BBB-	Stable
Calvin University	MI	A-	Stable
Concordia University Irvine	CA	BBB+	Stable
Dakota College at Bottineau	ND	BBB	Stable
George Fox University	OR	A-	Stable
Holy Family University	PA	A-	Stable
Knox College	IL	BBB+	Stable
Marshall B. Ketchum University	CA	A-	Stable
Milwaukee School of Engineering	WI	A-	Stable
Taylor University	IN	A-	Stable
University of Northwestern Ohio	OH	BBB-	Stable
Washington College	MD	BBB	Stable

Table 3

U.S. Higher Education Ratings Raised
Institution	State	Rating to	Rating from	Outlook to	Outlook from	Description
Alabama State University	AL	BBB-	B-	Stable	Stable	Substantial federal loan forgiveness that resulted in improvement in available resources relative to debt; stability in management; improved operations
Babson College	MA	A+	A	Stable	Stable	Stable enrollment with full-time equivalent growth over the past five years; stable selectivity and matriculation; consistent full-accrual surpluses with improved balance-sheet metrics
Eastern University	PA	BB+	BB	Stable	Negative	Significant enrollment growth; improved and positive operating performance in fiscal 2020 and projected for fiscal 2021
Governors State University	IL	BBB-	BB+	Stable	Stable	Positive operating results in recent years; strengthening balance sheet, which provides some cushion
Lawrence Technological University	MI	BBB-	BB+	Stable	Stable	More conservative debt profile with 2022 debt refunding direct purchase debt and significantly lowering LTU's maximum annual debt service burden.
Regent University	VA	BBB-	BB+	Positive	Stable	Enrollment growth; healthy operating surpluses with no endowment draw; lower debt service burden and debt refinancing
St. Bonaventure University	NY	BBB+	BBB	Stable	Stable	Improved available resource ratios, especially relative to debt; stability within management team; improved operations
Southern Illinois University	IL	BBB-	BB+	Stable	Stable	Solid operations despite ongoing pandemic; declining debt level; steady available resource ratio improvements
Sweet Briar College	VA	BB	BB-	Stable	Stable	Improving enrollment, including positive full-time equivalent growth over the past three years; improved management and governance; moderate debt burden
Tulane University	LA	A+	A	Stable	Stable	Stable enrollment with full-time equivalent growth over the past five years; improved selectivity and matriculation; consistent full-accrual surpluses
University of Illinois	IL	A+	A-	Stable	Stable	Decreased reliance on state funds; increases in net tuition revenue; improved fundraising; growth in available resources
University of Kentucky	KY	AA+	AA	Stable	Stable	Healthy financial performance and position; best-in-class management and governance; favorable enrollment trend; low debt burden

Table 4

U.S. Higher Education Ratings Lowered
Institution	State	Rating to	Rating from	Outlook to	Outlook from	Description
Agnes Scott College	GA	A-	A	Negative	Negative	Likely enrollment declines in fall 2021; continued trends of full-accrual operating deficits; declining available resources
Bethel University	MN	BB+	BBB-	Stable	Negative	Continued enrollment decline; negative operating margins for the past four years; weak and softening available resources
Carlow University	PA	BBB-	BBB	Stable	Negative	Four consecutive years of enrollment decline; declining net tuition revenue leading to operating deficits
Franklin & Marshall College	PA	A+	AA-	Stable	Stable	Significantly increased debt load in fiscal 2020 resulting in weakened available resource ratios
Goucher College	MD	BBB+	A-	Stable	Negative	Weakening enrollment and demand profile; persistent operating deficits including extraordinary endowment draws; soft available resources
Methodist University	NC	BB	BB+	Stable	Negative	Significant declines in enrollment, resulting in lower net tuition revenue, softening operating margins, and weaker available resources
Missouri Southern State University	MO	BBB-	BBB	Negative	Negative	Recent enrollment declines and weakening demand metrics; sustained operating deficits; depleted available resources
Oberlin College	OH	AA-	AA	Stable	Negative	Capital needs that will lead to additional debt over the next year; weakening enrollment and demand
Ringling College of Art and Design	FL	BBB	BBB+	Stable	Negative	Declining enrollment and applications; supplemental endowment draws to support operations; weakening balance sheet ratios
University System of New Hampshire	NH	A+	AA-	Stable	Stable	Elevated social capital risks from enrollment declines, increasing regional competition, and expectations of difficult financial performance
Washington & Jefferson College	PA	BBB+	A-	Stable	Stable	Trend of enrollment declines driving growing operating deficits; higher-than-normal endowment draws, which are unsustainable
Wayland Baptist University	TX	BBB+	A-	Stable	Negative	Three consecutive years of operating deficits; received and remedied event of default notice from bond trustee
Wilkes University	PA	BBB-	BBB	Stable	Negative	Lower available resources brought on by cash-intensive capital projects; two consecutive years of operating deficits
Willamette University	OR	BBB	A-	Stable	Stable	Continued enrollment pressure; pro forma debt obligations to available resources weaker than peers'; increased operating deficits

Table 5

U.S. Higher Education Outlook Revisions
Institution	State	Rating	Outlook to	Outlook from	Description
A.T. Still University	MO	A-	Positive	Stable	Trend of growing full-time equivalent enrollment; improved financial resources; healthy financial operations despite pandemic
Alvernia University	PA	BB+	Stable	Negative	Solid operations in fiscal 2020 and projected in fiscal 2021; additional balance sheet growth lends stability
Barry University	FL	BBB	Stable	Negative	Modest enrollment growth; improved operations with surplus projected for fiscal 2021 without second and third federal stimulus
Brown University	RI	AA+	Stable	Negative	Exceptional enterprise profile strength and improved balance-sheet ratios due to significant resource growth
Chatham University	PA	BBB-	Stable	Negative	Expectation for improved matriculation; maintenance of demand metrics; stable financial profile including sustained available resources
Colby College	ME	AA	Positive	Stable	Continued enrollment growth; consistent full-accrual operating surpluses; growing cash and investments; strong fundraising
College of New Jersey	NJ	A	Stable	Negative	Stable enrollment; impressive retention and graduation rates; expected stronger financial performance with state and federal funding; reduced debt
Dartmouth College	NH	AA+	Positive	Stable	Exceptional enterprise profile; positive operating margins over past few years; improved balance sheet; strong fundraising
Dickinson College	PA	A+	Negative	Stable	Significant decline in enrollment over past two years, some of which was planned
Dubuque University	IA	BBB	Stable	Negative	Improved available resources despite continued operating deficits; federal funding will support near-term operating performance
East Carolina University	NC	AA-	Stable	Negative	Enrollment levels have been stable despite pandemic pressures; maintained positive operations; no additional debt plans
Eastern Illinois University	IL	BB-	Stable	Negative	Illinois GO outlook revised to stable; waning fiscal and economic uncertainty stemming from the pandemic
Eastern Kentucky University	KY	A-	Stable	Negative	Expected near-term improved operating results and stabilization in total enrollment levels
Fayetteville State University	NC	BBB+	Stable	Negative	Positive total enrollment trend; improved operating performance; state support to remain at current levels
Fayetteville State University*	NC	BBB	Stable	Negative	Solid occupancy rates and strong debt service coverage; ABT prohibits the issuance of additional dormitory system debt
Ferris State University	MI	A+	Negative	Stable	Elevated social risks relating to changing demographics and pandemic pressure
Fisher College	MA	BBB+	Stable	Negative	Generally stable operating performance expected to continue into fiscal 2021; healthy available resource ratios; low debt
Florida Institute of Technology	FL	BBB-	Stable	Negative	Relatively stable enrollment; solid operating surplus; available resource metrics remain sufficient
Florida Southern College	FL	A-	Stable	Negative	Growing enrollment; expectation that fiscal 2021 operations will be at least breakeven; stable available resources
Gallaudet University	DC	A+	Negative	Stable	Two years of enrollment decline greater than 3%; stagnant student-derived revenues; additional debt increases leverage
Georgetown University	DC	A-	Negative	Stable	Weak financial performance likely to continue into fiscal 2022; relatively weak available resource ratios
Georgian Court University	NJ	BBB-	Stable	Negative	Maintained available resources despite pandemic pressures; improved freshmen matriculation and new program offerings; no additional debt plans
Governors State University	IL	BB+	Stable	Negative	Based on recent outlook revision to stable on Illinois general obligation ratings; improved financial performance and balance sheet
High Point University	NC	A-	Negative	Stable	Pressured available resources due to several capital improvements made in recent years
Houston Baptist University	TX	BBB-	Stable	Negative	Growing enrollment over the past two years; improved operating performance; increasing available resource ratios
Howard University	DC	BBB-	Stable	Negative	Solid enrollment trend despite pandemic; improved operating performance; execution of strategic initiatives; balance sheet stability
Icahn School of Medicine at Mount Sinai	NY	A-	Stable	Negative	Solid enterprise profile; expectations for improved operations in fiscal 2021; steady balance sheet metrics
Illinois State University	IL	A-	Stable	Negative	Illinois GO outlook revised to stable; waning fiscal and economic uncertainty stemming from the pandemic
Illinois State University	IL	A-	Positive	Stable	Able to consistently generate full accrual surpluses despite pandemic pressures and state funding challenges, plus growth in financial resources
Johnson & Wales University	RI	A-	Positive	Negative	Successful sale of Miami and Denver campuses and corresponding significantly lower annual debt burden
Kansas City Art Institute	MO	A-	Negative	Stable	Lower balance sheet metrics; limited cushion to face operating pressures in the near term
Kean University	NJ	A-	Stable	Negative	Continued strong operating margins; enrollment that has remained fairly consistent; stable available resources
Lake Forest College	IL	BBB-	Stable	Negative	Solid demand despite pandemic; low debt burden; stable cash and investments relative to rating
Lawrence Technological University	MI	BB+	Stable	Negative	Projected break-even operating margin in fiscal 2021; stronger enrollment; expendable resources ratios sufficient for the rating
Lesley University	MA	A-	Negative	Stable	Material enrollment declines over the past two years; pressured fiscal 2020 operating results likely to continue
Long Island University	NY	BBB+	Stable	Negative	Healthy operating performance in fiscal 2020 with surplus expected in fiscal 2021
Longwood University	VA	BBB+	Stable	Negative	Stronger-than-expected enrollment in fall 2020; improved operations with further improvements in fiscal 2021; rising state appropriations
Loyola University	LA	BBB	Stable	Negative	Strengthening enrollment and demand profile; tightly managed expenses have led to stabilized operating performance
Lycoming College	PA	A-	Negative	Stable	Continued enrollment pressure; high tuition discount rate pressuring net tuition revenue and operating performance
Lynchburg University	VA	BBB+	Negative	Stable	Considerable enrollment decline in fall 2020; softening matriculation and selectivity; uncertainty surrounding new pricing strategy
Marian University	IN	BBB	Stable	Negative	Trend of enrollment growth; impressive operating margins over the past four years with surplus expected in fiscal 2021
Marymount University	VA	BB+	Stable	Negative	Stable full-time equivalent enrollment and return to positive financial operating performance, though with a high debt burden and modest available resources
Marywood University	PA	BB+	Stable	Negative	Improved available resources ratios and operating performance in recent years; effective expense management measures
The Master's University	CA	BB+	Positive	Negative	Renewed accreditation; improved enrollment and demand; consistently positive margins
Medaille College	NY	BB	Stable	Negative	Breakeven to positive operations in fiscal 2021 and fiscal 2022; stable available resources
Meredith College	NC	BBB+	Stable	Negative	Stable enrollment; federal stimulus partially offsetting pressured operating performance; expected increase in available resources in fiscal 2021
Messiah University	PA	A-	Stable	Negative	Demand profile remains solid; available resources remain sufficient; de-risking of debt profile through recent refunding
Metropolitan State University of Denver	CO	A	Stable	Negative	Improved available resources; history of positive operating margins expected to continue
Missouri State University	MO	A+	Stable	Negative	Restoration of state appropriations in fiscal 2022; likely positive operations for fiscal 2021 due to federal support
Moravian College	PA	BBB+	Stable	Negative	Trend of enrollment growth that is expected to continue; return to positive operating performance
Morgan State University	MD	A+	Stable	Negative	Very low debt; strong philanthropic support and investment returns; expected enrollment growth; expected additional funds
Mount Aloysius College	PA	BBB+	Stable	Negative	Healthy available resources and solid operating performance despite pandemic pressures and state demographic outlook
Nebraska State College	NE	A	Stable	Negative	Stable enrollment; federal stimulus supporting operating performance; continued operating and capital support from the state
Nevada System of Higher Education	NV	AA-	Negative	Stable	Significant state appropriation cuts for the new biennium; operational impacts facing system due to the pandemic
New York Law School	NY	BBB-	Stable	Negative	Stable enrollment and demand metrics; operating deficits though reducing reliance on endowment draws; sufficient available resources
Northeastern Illinois University	IL	BB	Stable	Negative	Illinois GO outlook revised to stable; waning fiscal and economic uncertainty stemming from the pandemic
Northeastern Illinois University	IL	BB	Positive	Stable	Healthy improvement of university's financial resource ratios; good state financial recovery; and budgeted state funding increase in fiscal 2022
Northern Arizona University	AZ	A+	Stable	Negative	Operating surpluses projected for next two years; growing state appropriations over past three years; improved liquidity
Notre Dame of Maryland University	MD	BBB-	Stable	Negative	Modest growth in enrollment; successful implementation of new academic programs; improvement in operating performance
Nova Southeastern University	FL	A-	Positive	Stable	Full-time enrollment and undergraduate percentage growth; strong financial operating performance history; adequate but growing expendable resources
Ohio Wesleyan University	OH	A-	Negative	Stable	Enrollment declines in four of the past five years leading to operating deficits
Oklahoma City University	OK	BBB-	Stable	Negative	Available resources remain sufficient with potential for improvement; federal stimulus supporting operating performance
Pacific University	OR	BBB	Stable	Negative	Consistently positive operating performance; sustained, although modest, available resources
Providence College	RI	A	Stable	Negative	Stable enrollment; positive operations with healthy surplus anticipated for fiscal 2021; no additional debt plans
Rensselaer Polytechnic Institute	NY	BBB+	Stable	Negative	Solid operating performance; enrollment and demand metrics remain consistent; cash and investments remain stable
Roseman University of Health Sciences	NV	BB	Stable	Negative	Solid operating performance through fiscal 2021; anticipated enrollment growth; ability to weather COVID-19 pressures; adequate expendable resources
Rowan University	NJ	A	Stable	Negative	Stable enrollment profile; improved operating performance with surplus expected for fiscal 2021; sufficient available resources
Saint Francis University	PA	BBB	Stable	Negative	Stable enrollment; operating surpluses; improving available resource ratios
Seattle University	WA	A	Stable	Negative	Solid demand metrics despite pandemic pressures; recent stronger operating performance; no additional debt plans
Seattle Pacific University	WA	A-	Negative	Stable	Enrollment pressure, including 5% decline in fall 2021; deficit operations in fiscal 2021 and 2022; ongoing litigation
Southeast Missouri State University	MO	A	Stable	Negative	Solid demand metrics; history of near break-even operations with surplus expected in fiscal 2021; sufficient balance sheet
Southern Illinois University	IL	BB+	Stable	Negative	Illinois GO outlook revised to stable; waning fiscal and economic uncertainty stemming from the pandemic
University of Alabama Birmingham	AL	AA	Positive	Stable	Favorable performance through pandemic; increasing enrollment trend; healthy financial operations; ample available resources; low debt
University of Findlay	OH	BBB-	Stable	Negative	Anticipation of stabilized enrollment and growth in applications; limited impact on financial profile despite pandemic challenges
University of Louisiana at Lafayette	LA	A-	Stable	Negative	Improved demand profile and enrollment growth; improved, although negative, operations; solid fundraising; low MADS burden
University of Louisville	KY	A+	Stable	Negative	Positive developments under current president; continued growth of freshman class; healthy operations; growing available resources
University of Montevallo	AL	A-	Stable	Negative	Enrollment growth over past three years; significant improvement in operations with breakeven expected for fiscal 2021
University of North Alabama	AL	A	Stable	Negative	Solid demand metrics with expectations for enrollment growth; continued positive operations;
University of Oklahoma	OK	A+	Stable	Negative	Resolution of litigation with Provident Oklahoma Education Resources Inc. resulting in no detrimental impacts to the university
University of Oregon	OR	AA-	Stable	Negative	Stable operations with improvement expected in fiscal 2021; projected growth in available resources; increased state support
University of South Alabama	AL	A+	Stable	Negative	Diversification of revenue streams; operating surplus in fiscal 2020 expected to continue in fiscal 2021; improved available resources
University of Southern California	CA	AA	Negative	Stable	Further weakening of available resource ratios and financial operations due to cost of legal settlements
University of Tampa	FL	A-	Stable	Negative	Stable enrollment with further growth expected; strong surplus of 16.7% in fiscal 2020; projected surplus in fiscal 2021
University of the Sacred Heart	PR	BB	Stable	Negative	Significant federal funding, which will support improved operating performance
University of Wyoming	WY	AA-	Negative	Stable	State operating pressures that've been exacerbated by pandemic; significant debt plans over near term
Vanderbilt University	TN	AA+	Positive	Stable	Exceptional operating performance; endowment growth; continued improvement in selectivity and matriculation
Vaughn College of Aeronautics & Technology	NY	BB-	Stable	Negative	Stable operating performance and available resources in line with rating category
Wake Forest University	NC	AA	Negative	Stable	Weakening of available resource ratios relative to debt primarily due to growth in debt
Wayne State University	MI	A+	Stable	Negative	Resolution to accreditation issues and end of intra-board conflict
Western Illinois University	IL	BB	Stable	Negative	Illinois GO outlook revised to stable; waning fiscal and economic uncertainty stemming from the pandemic
Western Kentucky University	KY	A-	Stable	Negative	Improved operating performance with stable state appropriations; consistent enrollment; adequate available resources
Winston-Salem State University	NC	BBB+	Positive	Negative	Transformational $30 million gift received by WSSU; stable enrollment; significant federal stimulus supporting operations
Winston-Salem State University*	NC	BBB	Positive	Negative	Transformational $30 million gift received by WSSU; stable enrollment; significant federal stimulus supporting operations
Yeshiva University	NY	BBB-	Stable	Negative	Stable enrollment and demand metrics; operating deficits and sufficient available resources in line with rating category
Youngstown State University	OH	A+	Negative	Stable	Continued operating deficits has increased dependence on university foundation; trend of enrollment decline expected to continue
*Auxiliary housing system rating

Table 6

U.S. Higher Education Ratings Maintained
Institution	State	Rating	Outlook
First quarter
Adelphi University	NY	A-	Stable
Albany Law School	NY	BBB	Stable
Arizona State University	AZ	AA	Stable
Ave Maria University	FL	BBB-	Negative
Babson College	MA	A	Stable
Ball State University	IN	AA-	Stable
Benedictine University	IL	BBB	Negative
Texas A&M University System	TX	AAA	Stable
Babson College	MA	A	Stable
Boston College	MA	AA-	Stable
Buena Vista University	IA	A	Stable
Centre College of Kentucky	KY	A	Stable
Champlain College	VT	BBB	Negative
Colgate University	NY	AA	Stable
Florida Atlantic University	FL	A+	Stable
Florida Atlantic University*	FL	A	Stable
Florida State University	FL	AA+	Stable
Florida State University*	FL	AA-	Stable
Gannon University	PA	BBB+	Stable
Grinnell College	IA	AAA	Stable
Harvard University	MA	AAA	Stable
Hawaii Pacific University	HI	BB	Negative
Indiana University of Pennsylvania	PA	A-	Negative
Iona College	NY	BBB	Stable
King's College	PA	BBB+	Negative
Lipscomb University	TN	BBB	Negative
Loyola University of Chicago	IL	A+	Stable
McDaniel College	MD	BBB	Stable
MCPHS University	MA	AA	Stable
Mercy College	NY	A	Stable
Michigan State University	MI	AA	Negative
Mount Saint Mary's University	CA	A	Negative
Nazareth College of Rochester	NY	BBB+	Stable
New England Institute of Technology	RI	A-	Stable
North Carolina State University at Raleigh	NC	AA	Stable
Ohio State University	OH	AA	Stable
Oklahoma State University	OK	AA-	Stable
Old Dominion University	VA	A+	Stable
Pace University	NY	BBB-	Negative
Princeton Theological Seminary	NJ	AAA	Stable
Princeton University	NJ	AAA	Stable
Purdue University	IN	AAA	Stable
Randolph College	VA	BBB+	Stable
Rider University	NJ	BB+	Negative
Seton Hill University	PA	BBB-	Stable
Southern California Institute of Architecture	CA	BBB+	Stable
Southern New Hampshire University	NH	A	Positive
St. John Fisher College	NY	A-	Stable
Stanford University	CA	AAA	Stable
Indiana University of Pennsylvania	PA	A-	Negative
Thomas M. Cooley Law School	MI	BB	Negative
Transylvania University	KY	A-	Stable
University of California	CA	AA	Stable
University of California*	CA	AA-	Stable
University of Chicago	IL	AA-	Stable
University of Houston System	TX	AA	Stable
University of Kansas	KS	AA-	Negative
University of Massachusetts System	MA	AA-	Negative
University of Miami	FL	A-	Negative
University of New Mexico	NM	AA-	Stable
University of North Carolina at Charlotte	NC	A+	Stable
University of North Carolina at Charlotte**	NC	A	Stable
University of Northern Colorado	CO	A-	Negative
University of Pittsburgh	PA	AA+	Stable
University of Portland	OR	A	Stable
University of Puerto Rico	PR	CC	Negative
University of Puget Sound	WA	A+	Stable
University of Texas System	TX	AAA	Stable
University of Utah	UT	AA+	Stable
University of Washington	WA	AA+	Stable
University System of Maryland	MD	AA+	Stable
Virginia Polytechnic Institute & State University	VA	AA	Stable
Western Illinois University	IL	BB	Negative
Western Michigan University	MI	A	Stable
Widener University	PA	BBB	Stable
Williams College	MA	AA+	Stable
Worcester State University	MA	A	Stable
Yale University	CT	AAA	Stable
Second quarter
Amherst College	MA	AA+	Stable
Arcadia University	PA	BBB	Negative
Baylor University	TX	A+	Stable
Bryant University	RI	A	Stable
Butler University	IN	A-	Stable
Cabrini University	PA	BBB	Negative
California State University	CA	AA-	Stable
Case Western Reserve University	OH	AA-	Stable
Central Michigan University	MI	A+	Stable
Centre College of Kentucky	KY	A	Stable
City University of New York	NY	AA-	Stable
Colorado School of Mines	CO	A+	Negative
Colorado State University System	CO	A+	Stable
Columbia College Chicago	IL	BBB+	Stable
Florida State University	FL	AA+	Stable
Gwynedd Mercy University	PA	BBB	Negative
Hiram College	OH	BB	Stable
Hofstra University	NY	A	Stable
Inter American University of Puerto Rico	PR	A-	Stable
Johns Hopkins University	MD	AA	Stable
Lasell University	MA	BB+	Negative
Loyola University Maryland	MD	A	Stable
Merrimack College	MA	BBB-	Stable
Minnesota State Colleges & Universities	MN	AA-	Stable
New Jersey Institute of Technology	NJ	A	Negative
New Mexico State University	NM	A+	Stable
New York University	NY	AA-	Stable
North Dakota State University	ND	AA-	Stable
Northern Michigan University	MI	A	Stable
Northwestern University	IL	AA+	Stable
Pittsburg State University	KS	A-	Stable
Randolph-Macon College	VA	A	Stable
Rhodes College	TN	A+	Negative
Simmons University	MA	BBB+	Negative
St. Edwards University	TX	BBB	Negative
State University of Iowa	IA	AA	Stable
State University of Iowa*	IA	AA-	Stable
Stevens Institute of Technology	NJ	BBB+	Stable
Swarthmore College	PA	AAA	Stable
Teachers College - Columbia University	NY	A+	Stable
Texas A&M University	TX	AA+	Stable
Trinity College	CT	A+	Stable
Troy University	AL	A+	Stable
Tufts University	MA	AA-	Stable
University of Arizona	AZ	AA-	Stable
University of Central Florida	FL	AA-	Stable
University of Central Florida*	FL	A+	Stable
University of Cincinnati	OH	AA-	Stable
University of Florida	FL	AA+	Stable
University of Florida*	FL	AA-	Stable
University of Indianapolis	IN	BBB+	Negative
University of Nebraska System	NE	AA	Stable
University of North Carolina at Chapel Hill	NC	AAA	Stable
University of Scranton	PA	A-	Stable
University of South Florida	FL	AA	Stable
University of South Florida*	FL	A+	Stable
University of Virginia	VA	AAA	Stable
Valley City State University	ND	BBB+	Stable
Washington State University	WA	A+	Stable
Washington State University**	WA	A	Stable
Washington University	MO	AA+	Stable
Western New England University	MA	BBB	Negative
Westminster College	UT	BBB	Negative
Widener University	PA	BBB	Stable
Yale University	CT	AAA	Stable
York College of Pennsylvania	PA	A-	Stable
Youngstown State University	OH	A	Negative
Third quarter
Albany College of Pharmacy and Health Sciences	NY	BBB+	Stable
Belmont University	TN	A+	Stable
Bethany College	WV	B-	Negative
Bismarck State College	ND	A	Stable
Boston University	MA	AA-	Stable
Bowling Green State University	OH	A+	Stable
Bradley University	IL	BBB+	Stable
California Institute of Technology	CA	AA-	Stable
Carnegie Mellon University	PA	AA	Stable
Colorado State University	CO	A+	Stable
Davidson College	NC	AA+	Stable
Emory University	GA	AA	Negative
Fayetteville State University	NC	BBB+	Stable
Fayetteville State University*	NC	BBB	Stable
Illinois Wesleyan University	IL	A-	Stable
Kenyon College	OH	A	Stable
Lindsey Wilson College	KY	BBB-	Stable
Massachusetts Institute of Technology	MA	AAA	Stable
Mayville State University	ND	BBB+	Negative
Minot State University	ND	A	Negative
Montana State University	MT	A+	Stable
Nevada System of Higher Education	NV	AA-	Negative
Niagara University	NY	BBB+	Stable
North Dakota State College of Science	ND	A-	Stable
Oberlin College	OH	AA-	Stable
Ohio State University	OH	AA	Stable
Rice University	TX	AAA	Stable
Rosalind Franklin University of Medicine & Science	IL	BBB+	Stable
Saint Joseph's University	PA	A-	Stable
Saint Mary's College	IN	A-	Stable
St. Michael's College	VT	BBB	Negative
Temple University	PA	A+	Stable
Texas Tech University System	TX	AA+	Stable
University of Alabama	AL	AA	Stable
University of Dubuque	IA	BBB	Stable
University of Idaho	ID	A	Stable
University of Maine System	ME	AA-	Stable
University of Minnesota	MN	AA	Stable
University of St. Thomas	TX	BBB+	Negative
University of the South (Sewanee)	TN	A+	Stable
Vassar College	NY	A+	Stable
Wesleyan University	CT	AA	Stable
Westminster College	PA	BBB	Stable
Fourth quarter
Auburn University	AL	AA-	Stable
Bates College	ME	A+	Stable
Berklee College of Music	MA	A	Stable
Boise State University	ID	A+	Stable
Bryn Mawr College	PA	AA+	Stable
Case Western Reserve University	OH	AA-	Stable
College For Creative Studies	MI	BBB+	Stable
Drexel University	PA	A-	Stable
Duke University	NC	AA+	Stable
Duquesne University	PA	A	Stable
Fordham University	NY	A	Stable
Grand Valley State University	MI	A+	Stable
Iowa State University of Science & Technology	IA	AA	Stable
Juniata College	PA	BBB	Stable
Kent State University	OH	A+	Stable
Lewis & Clark College	OR	A-	Stable
Liberty University	VA	AA	Stable
Loma Linda University	CA	A	Stable
Medical College of Wisconsin	WI	AA-	Stable
Methodist University	NC	BB	Stable
Middlebury College	VT	AA	Stable
Molloy College	NY	BBB	Stable
Moravian University	PA	BBB+	Stable
Northern Michigan University	MI	A	Stable
Pacific Lutheran University	WA	BB	Negative
Pepperdine University	CA	AA-	Stable
Roanoke College	VA	BBB+	Stable
Saginaw Valley State University Board of Control	MI	A	Stable
Springfield College	MA	BBB	Negative
Stetson University	FL	A-	Stable
Syracuse University	NY	AA-	Stable
The Juilliard School	NY	AA	Stable
The Pennsylvania State University	PA	AA	Stable
Trinity University	TX	AA-	Stable
University of Alabama Huntsville	AL	AA-	Stable
University of Hartford	CT	BBB-	Negative
University of Utah	UT	AA+	Stable
Virginia Polytechnic Institute & State University	VA	AA	Stable
Washington & Lee University	VA	AA	Stable
Washington State University	WA	A+	Stable
Washington State University**	WA	A	Stable
Wayland Baptist University	TX	BBB+	Stable
West Virginia University	WV	A	Stable
Wilkes University	PA	BBB-	Stable
Worcester Polytechnic Institute	MA	A	Stable
Auxiliary housing system rating. *Auxiliary housing and dining system rating.

This report does not constitute a rating action.

Primary Credit Analysts:	Jessica L Wood, Chicago + 1 (312) 233 7004; jessica.wood@spglobal.com
	Laura A Kuffler-Macdonald, New York + 1 (212) 438 2519; laura.kuffler.macdonald@spglobal.com
Secondary Contact:	Nicholas Breeding, New York (303) 721-4362; nicholas.breeding@spglobal.com

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Sector
U.S. Public Finance Higher Education
Primary Credit Analysts:
Jessica L Wood, Laura A Kuffler-Macdonald
Secondary Contact:
Nicholas Breeding

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