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U.S. Higher Education Rating Actions, 2022

S&P Global Ratings lowered 21 ratings and raised 15 ratings on U.S. colleges and universities in 2022. Among the upgrades, we raised the ratings on six Illinois universities by one notch within the 'BB' or 'BBB' categories subsequent to the upgrade on the State of Illinois on May 6, 2022. In addition, we raised the rating on Vanderbilt University to 'AAA' on Nov. 22, 2022, based on a history of exceptional operating performance, increasing endowment, and continued improvement in selectivity and matriculation. Among U.S. colleges and universities that we rate, 19, or 4%, are rated 'AAA'.

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During 2022, we revised the outlook on our ratings on 54 institutions to stable, leaving only 9.2% of rated colleges and universities with a negative outlook entering 2023, compared with 23% at the beginning of 2022. In addition, 4.5% of institutions have a positive outlook, compared with only 2.5% at the start of 2022. Post-pandemic, almost all institutions returned to normal operations in 2022, aside from some that delayed spring semester openings following a winter break that was affected by the omicron variant surge at the start of the year.

Table 1

U.S. Higher Education 2022 Rating Action Summary
First quarter Second quarter Third quarter Fourth quarter
Rating initially assigned 3 6 1 1
Rating raised; outlook stable 2 6 1 6
Rating lowered; outlook stable 2 6 4 5
Rating lowered; outlook negative 1 1 0 2
Rating affirmed; outlook to stable 20 15 10 9
Rating affirmed; outlook to positive 6 4 2 5
Rating affirmed; outlook to negative 2 1 2 5

Our rating actions during 2022 pointed to an increased divergence in credit quality. Institutions for which we raised ratings (aside from Illinois public universities) and with favorable outlook revisions, were primarily rated in the 'A' category or higher, based on enrollment improvements, operating surpluses, and increases in financial resources. Although all institutions saw unusually high investment returns in fiscal 2021, those with larger endowments generally had more funds available to invest in private equity to take advantage of the largest gains. They were also able to employ more sophisticated investment management teams and from what we have observed, dodged the worst market declines in fiscal 2022. Some of these institutions reported single-digit declines compared with 2021, or even achieved some small investment gains during a difficult market swing. Institutions rated 'A-' or higher also had some of the highest funding by dollar amount from the most recent federal stimulus act, receiving $11.4 billion in American Rescue Plan Act (ARPA) funds since March 2021, or 88.6% of ARPA funds received by rated colleges and universities, based on U.S. Department of Education data. Public institutions rated 'A-' or higher received $9.4 billion of these funds. For more information on the impact of federal stimulus funding on rated institutions, see "Federal Funds Kept U.S. Colleges And Universities Afloat; Some May Sink When They’re Gone," published June 2, 2022, on RatingsDirect. Although most colleges and universities used all accumulated federal stimulus funds by the end of fiscal 2022, the combined benefit of retained investment returns and cushioned operational performance over three fiscal years of stimulus funding provided a solid position for future operations, reflected by 94.1% of 'A', 'AA', and 'AAA' rated institutions retaining a stable or positive outlook, compared with 84.8% of schools rated 'BBB' or lower.

Chart 1

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Institutions for which we lowered ratings and with unfavorable outlook revisions were primarily rated in the 'BBB' category or speculative grade, based mainly on enrollment and demand pressures, although still with a strong focus on related operating deficits and some weak financial resources. These institutions often had somewhat lower, if still extraordinary, investment returns in fiscal 2021, although some of those gains were lost during the downturn in fiscal 2022. However, the largest stress remains enrollment, with some management teams citing the slow return of campus tours and in-person marketing even while existing students return to normal campus life. Others remain pressured by continuing regional demographic issues as smaller high school classes graduate across the Midwest and Northern Appalachia. These enrollment declines also contribute to pressured operating margins given lower net tuition revenue, compounded by the effect of high inflation on operating expenses, and the end of federal stimulus funds moving into fiscal 2023. Institutions rated in the 'BBB' category or lower are in a weaker position than they were pre-pandemic; 28% of ratings placed on negative outlook in March 2020 have since been lowered, and 15% of institutions rated in the 'BBB' category or lower currently have a negative outlook.

Table 2

U.S. Higher Education Ratings Initially Assigned
Institution State Rating Outlook
Barnard College NY A Stable
Capital University OH BBB- Stable
Cleveland Institute of Music OH BBB- Stable
Dominican University IL BBB- Stable
Elizabethtown College PA BBB- Stable
Houghton College NY BBB- Stable
Lenoir-Rhyne College NC BBB Stable
Mercer University GA A- Stable
Mount Vernon Nazarene University OH BBB+ Stable
Queen's University of Charlotte NC BBB Stable
University of Evansville IN BBB- Stable

Table 3

U.S. Higher Education Ratings Raised
Institution State Rating to Rating from Outlook to Outlook from Description
A.T. Still University MO A A- Stable Positive Enrollment growth and effective financial management practices spurring robust operations and available resource growth
Eastern Illinois University IL BB BB- Stable Stable Steady enrollment growth with stabilized and increasing state appropriations enabling effective budgeting and balanced operations
Eastern Illinois University IL BB+ BB Stable Stable State's improved financial position enabling university to budget effectively and return to balanced operations and improve ratios, plus enrollment growth
Fayetteville State University NC A- BBB+ Stable Stable Improved balance sheet ratios due to positive operating performance, along with stable demand profile
Governors State University IL BBB BBB- Stable Stable State's improved financial position plus surpluses, a more robust balance sheet, graduate enrollment growth, and no additional debt plans
The Master's University CA BBB- BB+ Stable Positive Enrollment growth and stable management team spurring robust demand and positive operating margins
Northeastern Illinois University IL BB+ BB Stable Positive Based on the state's improved financial position and the state rating being raised
Regent University VA BBB BBB- Stable Positive Enrollment growth alongside operating surpluses and available resource growth
Southern Illinois University IL BBB+ BBB- Stable Stable State's improved financial position, plus stabilizing enrollment trend, solid operations, strong resources relative to debt, and a low debt burden
Southern New Hampshire University NH A+ A Stable Positive Improved financial resources relative to debt, robust operating margins, demand growth, and a strong online education market position
University of Alabama Birmingham AL AA+ AA Stable Positive Excellent management and governance, firm enrollment trend, robust research enterprise, and a light debt burden, as well as healthy financial support through medical program affiliations
University of Illinois IL AA- A+ Stable Positive Strong demand profile spurring consistent full-accrual surpluses and available resource growth
Vanderbilt University TN AAA AA+ Stable Positive Exceptional operating performance history and balance sheet strength due to endowment increase, alongside improved demand metrics
Western Illinois University IL BB+ BB Stable Positive Based on the state's improved financial position and the state rating being raised, university's improvement of financial resources, operations, and enrollment, plus modest debt outstanding
Winston-Salem State University NC A- BBB+ Stable Positive Improved financial resources due to stable operating performance and enrollment metrics

Table 4

U.S. Higher Education Ratings Lowered
Institution State Rating to Rating from Outlook to Outlook from Description
Benedictine University IL BBB- BBB Stable Negative Enrollment declines, historical and expected operating deficits, as well as demand pressures; financial resource ratios in line with 'BBB-' rating
Bryant University RI A- A Stable Stable Weakened financial resource ratios relative to pro forma debt, spurred by increased debt levels
Cabrini University PA BBB- BBB Stable Negative Continued enrollment declines and operating decifits, with available resources aligned with 'BBB-' peers
Champlain College VT BBB- BBB Stable Negative Continued enrollment pressures and operating deficits, with financial resources aligned with 'BBB-' rated peers
Gallaudet University DC A A+ Negative Negative Persistent enrollment declines over 9% since fiscal 2019 translating to increased reliance on federal appropriations and consecutive years of operating deficits
Indiana University of Pennsylvania PA BBB+ A- Stable Negative Demand pressures, declines in FTE, lower UNA in past two years
Jacksonville State University AL BBB+ A- Stable Negative Weak available resources relative to medians and similarly rated peers
King's College PA BBB BBB+ Stable Stable Enrollment declines, weak demand metrics, plus weakening operations and management expectation of full-accrual operating deficit
Lasell University MA BB BB+ Negative Negative Enrollment declines and high endowment draws due to weak operating budget and debt pressures
Lesley University MA BBB+ A- Stable Negative Continued enrollment declines and operating pressures due to demand pressure
Lipscomb University TN BBB- BBB Stable Negative Weak financial resources further impaired by operating deficits coupled with high debt levels
Rider University NJ BB BB+ Stable Negative Enrollment declines and full-accrual deficits expected to translate to weaker available resource ratios over time
Saint Leo University FL BB+ BBB- Stable Negative Enrollment declines, particularly online, have pressured operations; turnover within senior leadership has limited efficacy
Seattle Pacific University WA BBB+ A- Negative Negative Ongoing governance risks coupled with enrollment pressures due to full-accrual deficits
Simmons University MA BBB BBB+ Stable Negative Almost doubled debt over past three years resulting in softened available resource ratios, alongside declining demand metrics and risks associated with the One Simmons construction project
Thomas M Cooley Law School MI BB- BB Negative Negative Enrollment pressure, weak financial performance, and uncertainty about meeting updated accreditation standards
University of Health Sciences & Pharmacy in St. Louis MO BBB- BBB Stable Negative Large and consistent enrollment declines over the past six years, including almost 20% decline in fall 2021, alongside a very high debt burden and limited operational flexibility
University of Indianapolis IN BBB BBB+ Stable Negative Enrollment declines and weak available resource ratios expected to translate to weaker operations over time
Western New England University MA BBB- BBB Stable Negative Weak financial resource ratios further impaired by demand and operating pressures coupled with enrollment declines
Westminster College UT BBB- BBB Stable Negative Enrollment declines alongside large operating deficits in recent years
Wingate University NC BBB- BBB Stable Negative Expecting weakening demand metrics to offset positive operating results and balance sheet growth, already inflated by pandemic relief funds and higher endowment draw

Table 5

U.S. Higher Education Outlook Revisions
Institution State Rating Outlook to Outlook from Description
Agnes Scott College GA A- Stable Negative Continued enrollment growth and demand stability spurring improved financial resources
Albany College of Pharmacy and Health Sciences NY BBB+ Negative Stable Demand challenges and operating deficits expected to translate to weakened available resources
Assumption College MA A- Stable Negative Robust available resource ratios, positive operating results
Ave Maria University FL BBB- Stable Negative Increased enrollment and positive operating performance
Bard College NY BB+ Positive Negative Considerable growth in the balance sheet over the past three fiscal years, plus improving demand with enrollment growth of 7% in fall 2021
Baylor College of Medicine TX A Positive Stable Solid growth in financial resources in fiscal 2021 with endowment peak of $1.67 billion, alongside improved operating performance and a historically robust demand profile
Carnegie Mellon University PA AA Positive Stable Improved balance sheet due to significant investment returns, successful fundraising, and limited additional debt, alongside consistent solid operating surpluses and rebound in demand
Chaminade University HI BB+ Stable Negative Excellent operations (with support from HEERF II and PPP funds), low debt levels, and healthy improvement of financial resources
Clemson University SC AA Positive Stable Favorable enrollment and demand trend, financial surpluses, healthy fundraising, growing available resources with low debt burden
Cleveland Institute of Art OH BB Stable Negative Improved operations and available resources, expected stable enrollment, no additional debt plans
Cleveland State University OH A+ Stable Negative Expected enrollment improvement based on application increase in fall 2021, coupled with stronger matriculation and improved financial operations and financial resources
Colorado School of Mines CO A+ Stable Negative Solid enrollment growth, trend of operating suprluses, and solid improvement in available resource ratios, plus additional federal funding reducing the need for planned financing
Columbia College Chicago IL BBB+ Negative Stable Weakened operating performance expected to inhibit ability to improve balance sheet over time
Dickinson College PA A+ Stable Negative Enrollment rebound and stability, growth in financial resources, expected balanced operating results
Doane University NE A Negative Stable Large enrollment decline in fall 2021 and recent operating deficits that are expected to continue
Drake University IA A- Stable Negative Stabilization in enrollment following years of modest declines, alongside improved operating performance and available resources ratios and removal of contingent liquidity risks
Emerson College MA BBB+ Stable Negative Recent enrollment and available resource ratio growth, along with expected improving operations over time due to increased investments and the acquisition of Marlboro College
Emory University GA AA Stable Negative Enrollment growth alongside improved patient utilization and financial operating performance
Fairfield University CT A- Positive Stable Expected continuation of full-accrual operating surpluses, steady enrollment growth, and solid demand metrics
Franklin & Marshall College PA A+ Negative Stable Enrollment declines due to strategic enrollment downsizing and operating deficits spurred by enrollment uncertainty and student dependence
Georgetown University DC A- Stable Negative Solid student demand affecting financial performance improvement
Gwynedd Mercy University PA BBB Stable Negative Improved balance sheet metrics, property sale increased endowment and cash and investments, long-term operating leases expire with no renewal plans
Harrisburg University of Science and Technology PA BB Stable Negative Good financial management during pandemic, operating surpluses, plus expectation of stable enrollment, improved operations, and no additional debt plans
Hawaii Pacific University HI BB Stable Negative Enrollment growth and improved operations enabling credit cushion relative to debt covenants
High Point University NC A- Stable Negative Healthly operating surpluses and improved available resources due to continued robust operating cash flow and positive fundraising momentum
Houston Baptist University TX BBB- Positive Stable Steady enrollment growth coupled with increasing available resources and improving operating performance
Howard University DC BBB- Positive Stable Solid enrollment trend, execution of strategic initiatives, improved operating performance, and maintenance of a sufficient pro forma balance sheet despite pension plan funding and planned debt
Kansas City Art Institute MO A- Stable Negative Enrollment growth alongside improved financial resources expected to improve operations
Kansas State University KS A+ Stable Negative Growth in available resources and strengthening of operating margins
Lake Superior State University MI BBB+ Stable Negative Stable balance sheet ratios and surplus in fiscal 2021, supported by ongoing expense measures and pandemic relief funds
Lubbock Christian University TX BBB- Negative Stable Material increase in debt leading to a higher debt service burden, weaker resource ratios, and full-accrual deficits
Manchester University IN BBB+ Negative Stable Strained operating margins due to enrollment declines coupled with plans for high endowment spend
Manhattan College NY A- Negative Stable Recent enrollment declines and operating deficits due to the pandemic and the challenging demand environment
Marian University IN BBB Positive Stable Impressive enrollment growth plus consistent surpluses and strengthened balance sheet
Mayville State University ND BBB+ Stable Negative Improved available resource levels and anticipated increased state support despite demand variability
McDaniel College MD BBB Positive Stable Growing enrollment coupled with improved financial performance and financial resources
Mercyhurst University PA BB Stable Negative Solid operating performance and sufficient financial resource ratios despite enrollment declines, plus expected efficiencies following closure of North East campus and consolidation of Erie campus
Michigan State University MI AA Stable Negative Improved and stable management resulting in lower risk management governance risk, alongside maintained enrollment, demand, and financial metrics
Midwestern University IL A+ Positive Stable Sustained operating suprluses above 25%, improved available resource ratios, significant portion of debt paid down in fiscal 2020, and a solid demand profile
Minot State University ND A Stable Negative Financial resource ratio growth despite enrollment pressures and low debt levels
Missouri Western State University MO BBB Stable Negative Improved operating performance with expected continuance of positive operating margins and improved freshman matriculation
Montana State University MT A+ Positive Stable Balance sheet growth driven by operating surpluses and enrollment recovery
Mount Saint Mary's University CA A Stable Negative Solid financial resource ratios coupled with expected improvement of incoming class size and breakeven operating performance
Mount Saint Mary's University MD BB+ Stable Negative Improved operating performance and above-average available resources that offset weak demand profile
Neumann University PA BBB Stable Negative Improved financial profile and available resources, stabilized operations, enhanced credit flexibility, plus program and campus life strategies and no additional debt plans
Nevada System of Higher Education NV AA- Stable Negative Stronger balance sheet, fiscal 2021 operating surplus, and increased state appropriations for fiscal 2022, with expected stabilization in demand in fall 2022
New Jersey Institute of Technology NJ A Stable Negative Favorable enrollment trend resulting in expectations of improved financial operating performance
New Mexico Institute of Mining & Technology NM A+ Stable Negative Ability to maintain strong available financial resources despite continued operating deficits and historical enrollment declines
Nova Southeastern University FL A- Stable Positive Depressed available resource ratios due to unanticipated additional debt, along with some weakened enterprise metrics, although with a positive enrollment trend and strong financial performance
Oberlin College OH AA- Negative Stable Potential increase in debt, which could lead to weaker balance sheet ratios
Ohio Wesleyan University OH A- Stable Negative Ability to increase enrollment while stablizing other demand metrics and improve available resource ratios
Olin College of Engineering MA A Stable Negative Enrollment rebound; cash and investment, expendable resource ratio growth; solid management team
Pace University NY BBB- Stable Negative Improved enrollment, good financial management during pandemic, surplus operations
Rhodes College TN A+ Stable Negative Enrollment stability coupled with solid demand metrics expected to help improve operating performance
Saint Elizabeth University NJ BB Stable Negative First year class expected to be strong in fall 2022; anticipate stability in operations and available resources
Saint Joseph's University PA A- Positive Stable Ability to grow enrollment and potentially financial resources after merger with USciences
Seton Hall University NJ BBB+ Stable Negative Enhanced credit flexibility due to improved operations and growing available resources
Sistema Universitario Ana G. Mendez Inc. PR BB+ Stable Negative Significant levels of federal stimulus, supporting near-term operating performance despite continued enrollment pressure, with revolving credit agreements paid down
St. John's College MD BBB Positive Stable Increase in financial resources, strong fundraising and gifts expected in the next two years, improved financial performance
St. Louis University MO AA- Stable Negative Stabilized operating performance and improvement in available resource metrics
Stevens Institute of Technology NJ BBB+ Positive Stable Increased enrollment and expectations for continued growth coupled with operating surpluses
Sweet Briar College VA BB Positive Stable Enrollment growth and healthy balance sheet with low debt spurring anticipated return to operating profitability
The New School NY BBB+ Stable Negative Solid rebound in enrollment, selectivity, and matriculation, with operating margins expected to improve in fiscal 2022 and increased cash and investments
University of Alaska AK A+ Stable Negative Stabilized state appropriations and growing financial resources aided by ability to control expenses, maintenance of unique market position, and solid management
University of Central Missouri MO A+ Stable Negative Third year of positive operating performance, historically strong available resources, slowly improving enrollment
University of Delaware DE AA+ Stable Negative Improving operating performance, enrollment rebounded, improved balance sheet metrics with healthy endowment returns
University of Illinois IL A+ Positive Stable State's improved financial position
University of Kansas KS AA- Stable Negative Flagship status within Kansas higher education system, return to operating profitability, stabilized enrollment, research prowess, and academic program quality
University of Maine System ME AA- Negative Stable Rising debt, which could increase further given capital needs; challenging demographics spurring enrollment challenges; some management turnover
University of Massachusetts System MA AA- Stable Negative Sustained enterprise profile with stable enrollment and demand characteristics, and an increase in applications, plus breakeven to positive operating margins historically
University of Miami FL A- Stable Negative Exceptional operating performance in fiscal 2021 alongside rebounded enrollment and demand and improved cash and investments ratios
University of Missouri MO AA+ Stable Negative Stabilized enrollment, improved operations, and growth in available resource ratios
University of North Carolina at Charlotte NC A+ Positive Stable Improved financial resource metrics spurred by growth in investments, state appropriations, and federal relief funds
University of North Florida FL A Stable Negative Improved balance sheet ratios due to positive operations and continued surpluses
University of Rochester NY AA- Stable Negative Solid growth in resources and healthy operating margins in fiscal years 2020 and 2021 alongside rebounded enrollment, demand metrics, and health care operations
University of Toledo OH A Stable Negative Improved operating performance, especially with significant reform of the university hospital resulting in substantial revenue growth
University of Wyoming WY AA- Stable Negative Enhanced support from the state alongside positive operations and relative enrollment stability
Ursinus College PA BBB Stable Negative Healthy growth in available resources coupled with solid improvements to enrollment and net tuition revenue
Virginia Commonwealth University VA AA- Stable Negative Improved available resources and operations due to increase in state appropriations and stimulus, graduate FTE growth
Wake Forest University NC AA Stable Negative Improved financial resources spurred by solid operating margins, fundraising, and no debt
Washington College MD BBB Negative Stable Enrollment challenges, which could lead to further operating pressure

Table 6

U.S. Higher Education Ratings Maintained
Institution State Rating Outlook
First quarter
Alabama State University AL BBB- Stable
Allegheny College PA A- Stable
American University DC A+ Stable
Arizona State University AZ AA Stable
Boise State University ID A+ Stable
Catholic University of America DC A Negative
Columbia University NY AAA Stable
Delaware State University DE BBB- Stable
DePaul University IL A Stable
Des Moines University Osteopathic Medical Center IA BBB+ Stable
D'Youville University NY BBB Stable
Earlham College IN A Negative
Findlay University OH BBB- Stable
Guilford College NC BBB- Negative
Hartwick College NY BB+ Negative
Harvard University MA AAA Stable
Haverford College PA AA- Stable
Hendrix College AR BBB- Negative
Hobart and William Smith Colleges NY A- Stable
Kenyon College OH A Stable
La Salle University PA BB Negative
Lafayette College PA A+ Stable
Massachusetts Institute of Technology MA AAA Stable
Nebraska State College NE A Stable
New York Institute of Technolgy NY BBB+ Stable
North Dakota State College of Science ND A- Stable
Oklahoma State University OK AA- Stable
Ramapo College NJ A Negative
Reed College OR AA- Stable
Rutgers University NJ A+ Negative
Sacred Heart University CT A Stable
Sarah Lawrence College NY BBB- Stable
Southern Methodist University TX AA- Stable
St. Ambrose University IA A- Stable
St. John's University NY A- Stable
University of Chicago IL AA- Stable
University of Connecticut CT A+ Stable
University of Denver CO A+ Stable
University of Miami FL A- Stable
University of Michigan MI AAA Stable
University of North Carolina at Greensboro NC A+ Stable
University of Pennsylvania PA AA+ Stable
University of Texas System TX AAA Stable
University of Vermont & State Agricultural College VT A+ Stable
University of Washington WA AA+ Stable
University System of Maryland MD AA+ Stable
Washington University MO AA+ Stable
Wellesley College MA AA+ Stable
Yale University CT AAA Stable
Second quarter
Albany Law School NY BBB Stable
Baldwin-Wallace University OH A- Stable
Boston College MA AA- Stable
Brown University RI AA+ Stable
Buena Vista University IA A Stable
Carlow University PA BBB- Stable
Case Western Reserve University OH AA- Stable
Chatham University PA BBB- Stable
Cleveland State University OH A+ Stable
College of the Holy Cross MA AA- Stable
College of William & Mary VA AA Stable
Cornell University NY AA Stable
Dubuque University IA BBB Stable
Flagler College, Inc. FL A- Stable
Florida Atlantic University FL A+ Stable
Franciscan University of Steubenville OH A Stable
Gettysburg College PA A Stable
Hampden-Sydney College VA A Stable
Harvard University MA AAA Stable
Holy Family University PA A- Stable
Hope College MI A Stable
Indiana University IN AAA Stable
Kent State University OH A+ Stable
Kettering University MI A- Stable
Lake Forest College IL BBB- Stable
Lehigh University PA AA- Stable
Lewis University IL BBB Stable
Marywood University PA BB+ Stable
MCPHS University MA AA Stable
New York Law School NY BBB- Stable
North Carolina State University at Raleigh NC AA Stable
Northwestern University IL AA+ Stable
Ohio University OH A+ Negative
Pomona College CA AAA Stable
Princeton Theological Seminary NJ AAA Stable
Princeton University NJ AAA Stable
Purdue University IN AAA Stable
Randolph College VA BBB+ Stable
Smith College MA AA+ Stable
Southern California Institute of Architecture CA BBB+ Stable
Southwest Baptist University MO BBB- Negative
The Pennsylvania State University PA AA Stable
University of Alabama AL AA Stable
University of California CA AA Stable
University of Central Florida FL AA- Stable
University of Dayton OH A+ Stable
University of Dubuque IA BBB Stable
University of Hartford CT BBB- Negative
University of Houston System TX AA Stable
University of Minnesota MN AA Stable
University of Nebraska System NE AA Stable
University of New Haven CT BBB- Stable
University of North Carolina at Chapel Hill NC AAA Stable
University of Northern Colorado CO A- Negative
University of Northern Iowa IA A Stable
University of Oklahoma Health Sciences Center OK AA Stable
University of Portland OR A Stable
University of Puget Sound WA A+ Stable
University of Rhode Island RI A+ Negative
University of Richmond VA AA+ Stable
University of Utah UT AA+ Stable
Vaughn College of Aeronautics & Technology NY BB- Stable
Vermont State College System VT BBB+ Negative
Villanova University PA AA- Stable
Western Michigan University MI A Stable
Wofford College SC A- Stable
Yale University CT AAA Stable
Yeshiva University NY BBB- Stable
Third quarter
Adelphi University NY A- Stable
Baldwin-Wallace University OH A- Stable
Ball State University IN AA- Stable
Barton College NC BBB- Stable
Bethel University MN BB+ Stable
Brandeis University MA A+ Stable
Colgate University NY AA Stable
Colorado College CO AA Stable
Denison University OH AA Stable
Fisher College MA BBB+ Stable
Florida International University FL AA- Stable
Florida Southern College FL A- Stable
Florida State University FL AA+ Stable
Florida State University System FL AA+ Stable
Gannon University PA BBB+ Stable
George Washington University DC A+ Stable
Goucher College MD BBB+ Stable
Hampton University VA A Stable
Icahn School of Medicine at Mount Sinai NY A- Stable
Illinois College IL BBB+ Stable
Iona University NY BBB Stable
Loyola University of Chicago IL A+ Stable
Lynchburg University VA BBB+ Negative
Mercy College NY A Stable
Metropolitan State University of Denver CO A Stable
Missouri Southern State University MO BBB- Negative
Nazareth College of Rochester NY BBB+ Stable
New England Institute of Technology RI A- Stable
New York University NY AA- Stable
Nicholls State University LA BBB Stable
Providence College RI A Stable
Randolph-Macon College VA A Stable
Ringling College of Art and Design FL BBB Stable
Saint Mary's College IN A- Stable
Seton Hill University PA BBB- Stable
St. Edward's University TX BBB Negative
St. John Fisher University NY A- Stable
Stanford University CA AAA Stable
Swarthmore College PA AAA Stable
Temple University PA A+ Stable
Texas A&M University TX AA+ Stable
Texas A&M University System TX AAA Stable
Tiffin University OH BBB- Stable
Transylvania University KY A- Stable
Troy University AL A+ Stable
Tufts University MA AA- Stable
University of California CA AA Stable
University of Chicago IL AA- Stable
University of Florida FL AA+ Stable
University of Kentucky KY AA+ Stable
University of New Mexico NM AA- Stable
University of North Alabama AL A Stable
University of Puerto Rico PR CC Negative
University of Scranton PA A- Stable
University of South Florida FL AA Stable
University of Southern Indiana IN A Stable
University of Tampa FL A- Stable
Valley City State University ND BBB+ Stable
Western Kentucky University KY A- Stable
Widener University PA BBB Stable
Williams College MA AA+ Stable
York College of Pennsylvania PA A- Stable
Fourth quarter
Alvernia University PA BB+ Stable
Amherst College MA AA+ Stable
Arcadia University PA BBB Negative
Augustana University SD BBB- Stable
Boston University MA AA- Stable
Bryn Mawr College PA AA+ Stable
Butler University IN A- Stable
Calvin University MI A- Stable
Central Michigan University MI A+ Stable
Centre College of Kentucky KY A Stable
Colorado School of Mines CO A+ Stable
Dartmouth College NH AA+ Positive
Davidson College NC AA+ Stable
Florida Institute of Technology FL BBB- Stable
Governors State University IL BBB Stable
Grinnell College IA AAA Stable
Hiram College OH BB Stable
Johns Hopkins University MD AA Stable
Johnson & Wales University RI A- Positive
Liberty University VA AA Stable
Loyola University LA BBB Stable
Loyola University Maryland MD A Stable
Lycoming College PA A- Negative
Marshall B. Ketchum University CA A- Stable
Merrimack College MA BBB- Stable
Messiah University PA A- Stable
Milwaukee School of Engineering WI A- Stable
Minnesota State Colleges & Universities MN AA- Stable
Missouri State University MO A+ Stable
Molloy University NY BBB Stable
Mount Aloysius College PA BBB+ Stable
New Mexico State University NM A+ Stable
North Dakota State University ND AA- Stable
Old Dominion University VA A+ Stable
Pacific University OR BBB Stable
Quinnipiac University CT A- Stable
Rowan University NJ A Stable
St. Bonaventure University NY BBB+ Stable
St. Lawrence University NY A Stable
State University of Iowa IA AA Stable
Stevenson University MD BBB- Stable
Taylor University IN A- Stable
Teachers College - Columbia University NY A+ Stable
Trinity College CT A+ Stable
University of Arizona AZ AA- Stable
University of Connecticut CT A+ Stable
University of Health Sciences & Pharmacy in St. Louis MO BBB- Stable
University of Idaho ID A Stable
University of Louisana at Lafayette LA A- Stable
University of Louisville KY A+ Stable
University Of Northwestern Ohio OH BBB- Stable
University of Pittsburgh PA AA+ Stable
University of South Alabama AL A+ Stable
University of Utah UT AA+ Stable
Vassar College NY A+ Stable
Washington & Jefferson College PA BBB+ Stable
Wesleyan University CT AA Stable
Westminster College PA BBB Stable
Willamette University OR BBB Stable
Worcester State University MA A Stable

Related Research

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;
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