In 2023, S&P Global Ratings assigned six new ratings, raised 12 ratings, and lowered 23 ratings on U.S. colleges and universities. Our rating actions during 2023 pointed to a continued divergence in credit quality for the second year in a row as competition for students increases; expenses rise; and many institutions, especially those that are less selective and more regional, continue to experience budget stress.
Among the 12 upgrades, we raised the ratings on two Illinois universities to 'BBB-' from 'BB+' based on the state's recovery, which supports improved operating performance and financial resources. In addition, we raised the ratings on two Ohio universities to 'AA-' from 'A+' through the application of our government-related entities (GRE) criteria subsequent to the upgrade on the State of Ohio. The other upgrades were generally a result of stronger demand and financial factors, including enrollment stabilization or growth and improved operational performance and financial resources.
Conversely, the 23 downgrades were caused by sustained enrollment declines, significant operational deficits, and weak financial performance, as well as a debt service covenant violation and the closure of an institution. More than half of the 2023 downgrades occurred in the second quarter.
During 2023, we revised the outlook on 16 institutions to negative. These revisions were due to enrollment pressures and declines, falling net tuition revenue, and weakened financial operations and resources. We revised the outlook on one university to stable from positive due to softer surpluses and modest additional debt.
In addition, we revised the outlook on eight universities to stable from negative based on strengthened demand metrics, improved financial performance, and increased state appropriations. We also revised the outlook on eight universities to positive from stable due mainly to expected or sustained positive operating margins and healthy financial resources.
Finally, we removed one rating from CreditWatch negative and assigned a developing outlook, for Cabrini University, spurred by the announcement that Villanova University had agreed to purchase Cabrini's campus and assume certain assets and liabilities following Cabrini's closure in June 2024.
Almost all institutions returned to normal, on-campus operations in 2023, and 84.3% of institutions have a stable outlook, compared with 9.6% with a negative outlook and 5.8% with a positive outlook. Comparatively, we ended 2019 (pre-pandemic) with 88% of ratings on stable outlook.
Table 1
U.S. higher education 2023 rating action summary | ||||
---|---|---|---|---|
First quarter | Second quarter | Third quarter | Fourth quarter | |
Rating initially assigned | 1 | 1 | 3 | 1 |
Rating raised; outlook positive | 1 | 0 | 1 | 0 |
Rating raised; outlook stable | 4 | 3 | 1 | 2 |
Rating lowered; outlook stable | 3 | 10 | 0 | 0 |
Rating lowered; outlook negative | 1 | 4 | 2 | 3 |
Rating affirmed; outlook to stable | 2 | 4 | 2 | 1 |
Rating affirmed; outlook to positive | 1 | 2 | 1 | 4 |
Rating affirmed; outlook to negative | 3 | 2 | 6 | 5 |
Rating actions in 2023 indicate a continued bifurcation in credit quality, as enrollment has not recovered uniformly across the higher education sector. Institutions rated 'BBB+' or lower accounted for 70% of the downgrades and 69% of the outlook revisions to negative in 2023. In addition, the ratio of downgrades to upgrades is almost 2:1, and the ratio for unfavorable to favorable outlook revisions is just above 1:1.
Entering 2024, approximately 47% of private university issuers are rated 'BBB+' or below. This compares with almost 47% of public universities within the 'A' rating category, and only 10% rated 'BBB+' or lower. Highly selective institutions benefit from significant demand and financial flexibility, while less selective and highly regional institutions with weak balance sheets face greater credit risk. Mixed enrollment trends have affected revenues, and demographics will continue to shrink the possible applicant pool. Rising expenses and labor shortages continue to pressure operations for institutions.
Chart 1
Table 2
U.S. higher education ratings initially assigned | |||
---|---|---|---|
Institution | State | Rating | Outlook |
Anna Maria College | MA | BB | Stable |
Rose-Hulman Institute of Technology | IN | A- | Stable |
Southeastern University | FL | BB | Stable |
The College of Idaho | ID | BBB | Stable |
University of Detroit Mercy | MI | BBB | Stable |
University of Tulsa | OK | A- | Stable |
Table 3
U.S. higher education ratings raised | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description | ||||||||
Bard College | NY | BBB- | BB+ | Positive | Positive | Improved demand metrics, operating performance, and growth in available resources due in large part to successful fundraising | ||||||||
Bowling Green State University | OH | AA- | A+ | Stable | Stable | ICR raised based on application of GRE criteria after raising rating on Ohio to 'AAA' from 'AA+' | ||||||||
Eastern Illinois University | IL | BBB- | BB+ | Stable | Stable | Stabilizing enrollment and improved operations supported by the financial recovery of the State of Illinois | ||||||||
Eastern University | PA | BBB- | BB+ | Stable | Stable | Enrollment growth and improved operating performance spurred by net tuition revenue growth | ||||||||
Fairfield University | CT | A | A- | Stable | Positive | Improved market position and demand profile contributing to consistent full-accrual operating surpluses | ||||||||
George Mason University | VA | AA- | A+ | Stable | Positive | Growth in available resource ratios coupled with full-accrual surpluses and stable demand profile | ||||||||
Kent State University | OH | AA- | A+ | Stable | Stable | ICR raised based on application of GRE criteria after raising rating on Ohio to 'AAA' from 'AA+' | ||||||||
Lake Forest College | IL | BBB | BBB- | Stable | Stable | Continued enrollment growth and net tuition revenue increases in recent years, sustained solid cash and investments | ||||||||
Lindsey Wilson College | KY | BBB | BBB- | Stable | Stable | Recent enrollment growth, which is expected to continue, and improved financial resources relative to debt | ||||||||
Long Island University | NY | A- | BBB+ | Stable | Stable | Operating surpluses resulting in improved financial resources | ||||||||
St. John's College | MD | BBB+ | BBB | Positive | Positive | Sustained improved financial performance and a material increase in financial resources | ||||||||
Western Illinois University | IL | BBB- | BB+ | Stable | Stable | Stabilizing enrollment and improved operations supported by the financial recovery of the State of Illinois | ||||||||
ICR--Issuer credit rating. |
Table 4
U.S. higher education ratings lowered | ||||||
---|---|---|---|---|---|---|
Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description |
Albion College | MI | BBB | BBB+ | Negative | Stable | High management turnover, extraordinary endowment draws, and expectations for enrollment declines and significant deficits |
Arcadia University | PA | BBB- | BBB | Stable | Negative | Enrollment declines contributing to operating pressures and weakening financial resource ratios; continued supplemental endowment draws |
Belmont University | TN | A | A+ | Stable | Stable | Weakened financial resources relative to pro forma debt spurred by material increases in debt |
Catholic University of America | DC | A- | A | Stable | Negative | Steady declines in enrollment pressuring operating performance despite ongoing supplemental endowment draws |
Doane University | NE | A- | A | Stable | Negative | Continued enrollment and operating deficits combined with an increase in debt |
Drexel University | PA | BBB+ | A- | Stable | Stable | Additional debt issued from operating leases that weakened financial resources compared with medians |
Earlham College | IN | A- | A | Stable | Negative | Ongoing supplemental endowment draws coupled with enrollment declines and high tuition discounting |
Gallaudet University | DC | A- | A | Stable | Negative | Elevated capital spending plans coupled with consistantly declining enrollment |
Harrisburg University of Science and Technology | PA | BB- | BB | Negative | Stable | Material enrollment declines, weakening financial performance, and expected operating deficit, exposing university to debt acceleration risk |
Hartwick College | NY | BB | BB+ | Stable | Negative | Enrollment declines, declining demand metrics, and pressured operations despite consistently elevated endowment draws |
Jacksonville State University | AL | BBB | BBB+ | Stable | Stable | Additional debt issued weakening financial resources compared with those of medians and peers |
La Salle University | PA | BB- | BB | Stable | Negative | Continued decline in enrollment and persistent operating deficits threatening the university's liquidity |
Lesley University | MA | BBB | BBB+ | Negative | Stable | Anticipated negative margins over the next few years and pressured and weakening undergraduate demand profile |
Manhattan College | NY | BBB+ | A- | Stable | Negative | Continued enrollment declines and operational pressures in recent years |
Medaille University | NY | BB- | BB | Negative | Stable | Ongoing governance risks coupled with enrollment declines and weakened balance sheet |
Medaille University | NY | CCC | BB- | Negative | Negative | Obligations highly vulnerable to nonpayment given the university's announcement that it would close on Aug. 31, 2023 |
Saint Leo University | FL | BB | BB+ | Negative | Stable | Enrollment declines and deficits resulting in debt service covenant violation, extraordinary endowment draws, and heightened liquidity challenges |
Seattle Pacific University | WA | BBB | BBB+ | Negative | Negative | Elevated social risks causing significant enrollment declines and large deficits, which are expected to continue |
Simmons University | MA | BBB- | BBB | Negative | Stable | Operating deficits and weakened financial resources pressured by declining graduate enrollment |
St. Michael's College | VT | BBB- | BBB | Stable | Negative | Enrollment pressure resulting in significant declines and full-accrual operating deficits |
Thomas M. Cooley Law School | MI | B- | BB- | Negative | Negative | Severe enrollment declines and extremely weak operations resulting in a debt service covenant violation |
University of Hartford | CT | BB+ | BBB- | Negative | Negative | Widening operating deficits, weakening liquidity position, and recent enrollment and demand pressure |
University of St. Thomas | TX | BBB | BBB+ | Stable | Negative | Consistantly pressured operations on a full-accrual basis and weakening balance sheet ratios |
Table 5
U.S. higher education outlook revisions | |||||
---|---|---|---|---|---|
Institution | State | Rating | Outlook to | Outlook from | Description |
Alabama State University | AL | BBB- | Positive | Stable | Continued financial resources growth relative to operating expenses and debt along with solid operating surpluses |
Assumption University | MA | A- | Negative | Stable | Decreasing enrollment and continued and increased reliance on endowment for operations planned in near term |
Baylor University | TX | A+ | Positive | Stable | Balance sheet growth and a trend of full-accrual positive operating performance supported by solid fundraising |
Benedictine University | IL | BBB- | Negative | Stable | Expectation for continued operating deficits in the near term coupled with weak financial resource ratios |
Boston University | MA | AA- | Positive | Stable | Improvement in enrollment and demand metrics contributing to healthy margins |
Cabrini University | PA | BBB- | CreditWatch negative | Stable | Uncertainty as the university plans to close in June 2024 |
Cabrini University | PA | BBB- | Developing | CreditWatch negative | Villanova University agreed to purchase Cabrini’s campus upon closure and assume assets and liabilities |
Chatham University | PA | BBB- | Negative | Stable | Operating deficits expected in near term, increased reliance on endowment and board-designated funds for operations |
Goucher College | MD | BBB+ | Negative | Stable | Weakened financial operations spurred by sharp enrollment declines and expectation of continued deficits |
Guilford College | NC | BBB- | Stable | Negative | Stable enrollment and demand metrics, along with consistently positive operations |
Hobart and William Smith Colleges | NY | A- | Negative | Stable | Enrollment declines contributing to very weak operating performance and larger endowment draws |
Kettering University | MI | A- | Negative | Stable | Continued enrollment pressure resulting in operating deficits |
Lake Superior State University | MI | BBB+ | Negative | Stable | Elevated social risk, as increased demographic pressure contributes to significant enrollment declines and deficit operations |
Loyola University Maryland | MD | A | Negative | Stable | Increased discounting, declining net tuition revenue, continued full-accrual deficits, and potential additional debt |
Marian University | IN | BBB | Stable | Positive | Softer surpluses and modest additional debt will keep the university's balance sheet in line with the current rating |
Mercyhurst University | PA | BB | Negative | Stable | Potential for covenant violation and debt acceleration given large enrollment declines and operating deficits |
Meredith College | NC | BBB+ | Negative | Stable | Material declines in full-time-equivalent enrollment since fall 2019 that has pressured financial operations |
Neumann University | PA | BBB | Negative | Stable | Unexpected decline in financial resources due to market fluctuation and additional debt in 2022 |
Oberlin College | OH | AA- | Stable | Negative | Solid student demand with stabilizing financial performance |
Ohio University | OH | A+ | Stable | Negative | Enrollment increase in fall 2023 and appointment of permanent personnel in several key leadership roles |
Ramapo College | NJ | A | Stable | Negative | Balanced operations supported by expense management and increased state appropriations |
Rider University | NJ | BB | Negative | Stable | Significant decline in financial resources spurred by operating losses constraining liquidity and the ability to fulfill its financial obligations |
Rutgers University | NJ | A+ | Stable | Negative | Improvement in student demand metrics and program expansion translated to positive operations |
Stetson University | FL | A- | Negative | Stable | Weakened demand potentially leading to operating deficits or deterioration of financial resources |
University of Dubuque | IA | BBB | Negative | Stable | Significant enrollment declines coupled with ongoing pressure on operations |
University of Houston System | TX | AA | Positive | Stable | Expectation of increased financial resources as a result of state's approved Texas University Fund |
University of Northern Colorado | CO | A- | Stable | Negative | Solid financial resources and increasing state support helping to offset enrollment declines |
University of Northern Iowa | IA | A | Positive | Stable | Growth in financial resource ratios and stable enrollment potentially leading to improved operations |
University of Rhode Island | RI | A+ | Stable | Negative | Return to breakeven operating performance and growth in financial resoures due to stabilizing enrollment |
University of Southern California | CA | AA | Stable | Negative | Improved available resources due to solid operating performance and fundraising |
University of Tampa | FL | A- | Positive | Stable | Consistent, robust operating margins and improved demand profile, with impressive enrollment growth |
University of Vermont & State Agricultural College | VT | A+ | Positive | Stable | Positive operations and improving financial resources due to successful fundraising and enrollment growth |
Wayland Baptist University | TX | BBB+ | Negative | Stable | Weakening enrollment and financial operations pressured by net tuition revenue declines |
Western Michigan University | MI | A | Positive | Stable | Positive operations and healthy levels of financial resources despite enrollment pressures |
Table 6
U.S. higher education ratings maintained | |||
---|---|---|---|
Institution | State | Rating | Outlook |
First quarter | |||
Arizona State University | AZ | AA | Stable |
Auburn University | AL | AA- | Stable |
Ave Maria University | FL | BBB- | Stable |
Babson College | MA | A+ | Stable |
Bates College | ME | A+ | Stable |
Bismarck State College | ND | A | Stable |
Buena Vista University | IA | A | Stable |
California Institute of Technology | CA | AA- | Stable |
California State University | CA | AA- | Stable |
Colorado State University System | CO | A+ | Stable |
Concordia University Irvine | CA | BBB+ | Stable |
Duquesne University | PA | A | Stable |
East Carolina University | NC | AA- | Stable |
Eastern Kentucky University | KY | A- | Stable |
Ferris State University | MI | A+ | Negative |
Florida International University | FL | AA- | Stable |
Florida State University | FL | AA+ | Stable |
George Fox University | OR | A- | Stable |
Georgetown University | DC | A- | Stable |
Georgian Court University | NJ | BBB- | Stable |
Harvard University | MA | AAA | Stable |
Hofstra University | NY | A | Stable |
Howard University | DC | BBB- | Positive |
Illinois State University | IL | A- | Positive |
Inter American University of Puerto Rico | PR | A- | Stable |
Kean University | NJ | A- | Stable |
Lawrence Technological University | MI | BBB- | Stable |
Lewis & Clark College | OR | A- | Stable |
Loyola University | LA | BBB | Stable |
Marymount University | VA | BB+ | Stable |
Medical College of Wisconsin | WI | AA- | Stable |
Methodist University | NC | BB | Stable |
Middlebury College | VT | AA | Stable |
Moravian University | PA | BBB+ | Stable |
Nevada System of Higher Education | NV | AA- | Stable |
Niagara University | NY | BBB+ | Stable |
Northeastern Illinois University | IL | BB+ | Stable |
Northern Arizona University | AZ | A+ | Stable |
Northern Michigan University | MI | A | Stable |
Oklahoma City University | OK | BBB- | Stable |
Oklahoma State University | OK | AA- | Stable |
Pacific Lutheran University | WA | BB | Negative |
Providence College | RI | A | Stable |
Purdue University | IN | AAA | Stable |
Rensselaer Polytechnic Institute | NY | BBB+ | Stable |
Rice University | TX | AAA | Stable |
Roanoke College | VA | BBB+ | Stable |
Saginaw Valley State University | MI | A | Stable |
Saint Francis University | PA | BBB | Stable |
Seattle University | WA | A | Stable |
Southeast Missouri State University | MO | A | Stable |
St. John's University | NY | A- | Stable |
Syracuse University | NY | AA- | Stable |
Texas Tech University System | TX | AA+ | Stable |
The Juilliard School | NY | AA | Stable |
Trinity University | TX | AA- | Stable |
Tulane University | LA | A+ | Stable |
University of California | CA | AA | Stable |
University of Chicago | IL | AA- | Stable |
University of Denver | CO | A+ | Stable |
University of New Mexico | NM | AA- | Stable |
University of Oklahoma | OK | A+ | Stable |
University of Oklahoma Health Sciences Center | OK | AA- | Stable |
University of Oregon | OR | AA- | Stable |
University of Texas System | TX | AAA | Stable |
University of Washington | WA | AA+ | Stable |
Western Carolina University | NC | A+ | Stable |
Wilkes University | PA | BBB- | Stable |
Yale University | CT | AAA | Stable |
Second quarter | |||
Allegheny College | PA | A- | Stable |
American University | DC | A+ | Stable |
Belmont University | TN | A | Stable |
Boston College | MA | AA- | Stable |
Bradley University | IL | BBB+ | Stable |
Brown University | RI | AA+ | Stable |
California State University | CA | AA- | Stable |
Carnegie Mellon University | PA | AA | Positive |
Centre College of Kentucky | KY | A | Stable |
Chaminade University | HI | BB+ | Stable |
Clemson University | SC | AA | Positive |
College For Creative Studies | MI | BBB+ | Stable |
College of New Jersey | NJ | A | Stable |
College of the Holy Cross | MA | AA- | Stable |
College of William & Mary | VA | AA | Stable |
Columbia University | NY | AAA | Stable |
Delaware State University | DE | BBB- | Stable |
Denison University | OH | AA | Stable |
DePaul University | IL | A | Stable |
Drake University | IA | A- | Stable |
Duke University | NC | AA+ | Stable |
D'Youville University | NY | BBB | Stable |
Emerson College | MA | BBB+ | Stable |
Fordham University | NY | A | Stable |
Grand Valley State University | MI | A+ | Stable |
Haverford College | PA | AA- | Stable |
Houghton University | NY | BBB- | Stable |
Illinois Wesleyan University | IL | A- | Stable |
Indiana University | IN | AAA | Stable |
Iowa State University of Science & Technology | IA | AA | Stable |
Johns Hopkins University | MD | AA | Stable |
Juniata College | PA | BBB | Stable |
Kenyon College | OH | A | Stable |
King's College | PA | BBB | Stable |
Knox College | IL | BBB+ | Stable |
Lewis University | IL | BBB | Stable |
Loma Linda University | CA | A | Stable |
Michigan State University | MI | AA | Stable |
Midwestern University | IL | A+ | Positive |
Morgan State University | MD | A+ | Stable |
Mount Vernon Nazarene University | OH | BBB+ | Stable |
Nevada System of Higher Education | NV | AA- | Stable |
New York University | NY | AA- | Stable |
Pepperdine University | CA | AA- | Stable |
Princeton University | NJ | AAA | Stable |
Reed College | OR | AA- | Stable |
Rosalind Franklin University of Medicine & Science | IL | BBB+ | Stable |
Sarah Lawrence College | NY | BBB- | Stable |
Southern Methodist University | TX | AA- | Stable |
Southern New Hampshire University | NH | A+ | Stable |
St. Ambrose University | IA | A- | Stable |
Stanford University | CA | AAA | Stable |
Swarthmore College | PA | AAA | Stable |
The New School | NY | BBB+ | Stable |
The Pennsylvania State University | PA | AA | Stable |
Universidad del Sagrado Corazon | PR | BB | Stable |
University of Alabama Huntsville | AL | AA- | Stable |
University of Findlay | OH | BBB- | Stable |
University of Florida | FL | AA+ | Stable |
University of Maine System | ME | AA- | Negative |
University of Montevallo | AL | A- | Stable |
University of North Carolina at Greensboro | NC | A+ | Stable |
University of Rochester | NY | AA- | Stable |
University of Southern California | CA | AA | Stable |
University of Texas System | TX | AAA | Stable |
University of the South (Sewanee) | TN | A+ | Stable |
University of Utah | UT | AA+ | Stable |
University System of New Hampshire | NH | A+ | Stable |
Ursinus College | PA | BBB | Stable |
Vanderbilt University | TN | AAA | Stable |
Virginia Polytechnic Institute & State University | VA | AA | Stable |
Washington & Lee University | VA | AA | Stable |
Wayne State University | MI | A+ | Stable |
Wellesley College | MA | AA+ | Stable |
West Virginia University | WV | A | Stable |
Worcester Polytechnic Institute | MA | A | Stable |
Yale University | CT | AAA | Stable |
Third quarter | |||
Auburn University | AL | AA- | Stable |
Ball State University | IN | AA- | Stable |
Berklee College of Music | MA | A | Stable |
Boise State University | ID | A+ | Stable |
Bryant University | RI | A- | Stable |
Case Western Reserve University | OH | AA- | Stable |
Cleveland Institute of Art | OH | BB | Stable |
Cleveland Institute of Music | OH | BBB- | Stable |
Des Moines University Osteopathic Medical Center | IA | BBB+ | Stable |
Dickinson College | PA | A+ | Stable |
Earlham College | IN | A- | Stable |
Elizabethtown College | PA | BBB- | Stable |
Florida State University System | FL | AA+ | Stable |
Franciscan University of Steubenville | OH | A | Stable |
Gettysburg College | PA | A | Stable |
Hampden-Sydney College | VA | A | Stable |
Hendrix College | AR | BBB- | Negative |
Holy Family University | PA | A- | Stable |
Icahn School of Medicine at Mount Sinai | NY | A- | Stable |
Indiana University of Pennsylvania | PA | BBB+ | Stable |
Lafayette College | PA | A+ | Stable |
Lehigh University | PA | AA- | Stable |
Marywood University | PA | BB+ | Stable |
Massachusetts Institute of Technology | MA | AAA | Stable |
Mount Saint Mary's University | MD | BB+ | Stable |
Nebraska State College | NE | A | Stable |
New York Law School | NY | BBB- | Stable |
North Carolina State University at Raleigh | NC | AA | Stable |
Northern Arizona University | AZ | A+ | Stable |
Ohio State University | OH | AA | Stable |
Olin College of Engineering | MA | A | Stable |
Queen's University of Charlotte | NC | BBB | Stable |
Randolph College | VA | BBB+ | Stable |
Roseman University of Health Sciences | NV | BB | Stable |
Southern California Institute of Architecture | CA | BBB+ | Stable |
Southern Illinois University | IL | BBB+ | Stable |
Springfield College | MA | BBB | Negative |
St. Louis University | MO | AA- | Stable |
State University of Iowa | IA | AA | Stable |
Temple University | PA | A+ | Stable |
University of California | CA | AA | Stable |
University of Central Missouri | MO | A+ | Stable |
University of Evansville | IN | BBB- | Stable |
University of Florida | FL | AA+ | Stable |
University of Kansas | KS | AA- | Stable |
University of Massachusetts System | MA | AA- | Stable |
University of Michigan | MI | AAA | Stable |
University of Nebraska System | NE | AA | Stable |
University of New Haven | CT | BBB- | Stable |
University of Portland | OR | A | Stable |
University of Puget Sound | WA | A+ | Stable |
University of Richmond | VA | AA+ | Stable |
University of Virginia | VA | AAA | Stable |
Vaughn College of Aeronautics & Technology | NY | BB- | Stable |
Virginia Commonwealth University | VA | AA- | Stable |
Washington State University | WA | A+ | Stable |
Washington University | MO | AA+ | Stable |
Wayne State University | MI | A+ | Stable |
Wingate University | NC | BBB- | Stable |
Fourth quarter | |||
A.T. Still University | MO | A | Stable |
Adelphi University | NY | A- | Stable |
Agnes Scott College | GA | A- | Stable |
Albany Law School | NY | BBB | Stable |
Bethel University | MN | BB+ | Stable |
Brandeis University | MA | A+ | Stable |
Butler University | IN | A- | Stable |
Carlow University | PA | BBB- | Stable |
Cleveland State University | OH | A+ | Stable |
Colorado School of Mines | CO | A+ | Stable |
Colorado State University System | CO | A+ | Stable |
Cornell University | NY | AA | Stable |
Dominican University | IL | BBB- | Stable |
Duke University | NC | AA+ | Stable |
Duquesne University | PA | A | Stable |
Franklin & Marshall College | PA | A+ | Negative |
Gwynedd Mercy University | PA | BBB | Stable |
High Point University | NC | A- | Stable |
Hope College | MI | A | Stable |
Lenoir-Rhyne College | NC | BBB | Stable |
Lynchburg University | VA | BBB+ | Negative |
Marshall B. Ketchum University | CA | A- | Stable |
MCPHS University | MA | AA | Stable |
Mercy University | NY | A | Stable |
Metropolitan State University of Denver | CO | A | Stable |
Nazareth College of Rochester | NY | BBB+ | Stable |
New England Institute of Technology | RI | A- | Stable |
Pace University | NY | BBB- | Stable |
Pennsylvania College of Technology | PA | A | Stable |
Pomona College | CA | AAA | Stable |
Randolph-Macon College | VA | A | Stable |
Sacred Heart University | CT | A | Stable |
Saint Mary's College | CA | BBB- | Stable |
Seton Hall University | NJ | BBB+ | Stable |
Southern Methodist University | TX | AA- | Stable |
Southwest Baptist University | MO | BBB- | Negative |
St. John Fisher University | NY | A- | Stable |
Tiffin University | OH | BBB- | Stable |
Transylvania University | KY | A- | Stable |
Tufts University | MA | AA- | Stable |
University of Alabama | AL | AA | Stable |
University of Alabama Birmingham | AL | AA+ | Stable |
University of Connecticut | CT | A+ | Stable |
University of Dayton | OH | A+ | Stable |
University of Delaware | DE | AA+ | Stable |
University of Louisana at Lafayette | LA | A- | Stable |
University of Miami | FL | A- | Stable |
University of Missouri | MO | AA+ | Stable |
University of North Carolina at Chapel Hill | NC | AAA | Stable |
University of North Florida | FL | A | Stable |
University of Pennsylvania | PA | AA+ | Stable |
University of Pittsburgh of the Commonwealth System of Higher Education | PA | AA+ | Stable |
University of Rochester | NY | AA- | Stable |
University of South Florida | FL | AA | Stable |
University of Southern Indiana | IN | A | Stable |
University of Toledo | OH | A | Stable |
University of Wyoming | WY | AA- | Stable |
Villanova University | PA | AA- | Stable |
Widener University | PA | BBB | Stable |
Wofford College | SC | A- | Stable |
Yeshiva University | NY | BBB- | Stable |
York College of Pennsylvania | PA | A- | Stable |
Related Research
- U.S. States 2024 Outlook: Credit Stability Endures In Unstable Times, Jan. 4, 2024
- Outlook For Global Not-For-Profit Higher Education: Credit Quality Divergence Continues, Dec. 7, 2023
- U.S. Not-For-Profit Acute Health Care Providers 2024 Outlook: Historical Peak Of Negative Outlooks Signals Challenges Remain For U.S. Not-for-Profit Acute Health Care Providers, Dec. 6, 2023
- Economic Outlook U.S. Q1 2024: Cooling Off But Not Breaking, Nov. 27, 2023
This report does not constitute a rating action.
Primary Credit Analyst: | Stefan Turcic, New York (1) 212-438-0559; stefan.turcic@spglobal.com |
Secondary Contacts: | Laura A Kuffler-Macdonald, New York + 1 (212) 438 2519; laura.kuffler.macdonald@spglobal.com |
Jessica L Wood, Chicago + 1 (312) 233 7004; jessica.wood@spglobal.com |
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