In 2024, S&P Global Ratings assigned three new ratings, raised 13 ratings, and lowered 24 ratings on U.S. colleges and universities. Our rating actions during 2024 continue to demonstrate a widening in credit quality for the third year in a row, as the majority of the downgrades occurred at the lower end of the ratings distribution. Strong institutions maintained their market position, healthy balance sheets, and fundraising, while struggling institutions faced enrollment pressure; operational stress; and, more frequently, liquidity issues.
Chart 1
Among the 13 upgrades were seven public institutions and six private institutions. We raised the ratings on two public Illinois universities based on increasing state support and credit quality, which supports improved operating performance and financial resources. In addition, we raised the rating on Dartmouth College to 'AAA' due to the college's excellent demand profile, consistent surplus operations, and healthy balance sheet. The other upgrades were a result of improved or stabilized enrollment, trend of operating surpluses, and increased financial resources.
Conversely, the 24 downgrades were all private institutions, including eight within the State of New York. We downgraded Medaille University to 'D' after the university closed and defaulted on interest payments due in April 2024, and this was notable as it was the first S&P Global Ratings-rated technical default for a higher education institution since 2015. Downgrades to Albion College, Columbia College Chicago, and Marymount University were due to decreased enrollment, significant operational deficits, weakened liquidity, and/or elevated endowment draws or loans. Other downgrades were caused by sustained enrollment declines, continued deficits, weakened financial resource ratios, heavy endowment draws, and debt covenant violations. One-third, or eight, of the downgrades have a negative outlook, indicating anticipated and continued pressure for these institutions.
We revised the outlook on 21 institutions to negative, representing three public institutions and 18 private institutions. These revisions were due to enrollment declines and demand pressures, weakened operations, deteriorated financial resources ratios, elevated draws on the endowment, and debt covenant violations. We revised the outlook on five universities to stable from positive due to modest operations, balance-sheet ratio pressures with anticipated debt plans, and one institution experiencing unforeseen challenges with a merger.
In addition, we revised the outlook on six universities to stable from negative based on improved demand metrics, stronger financial performance, and the management team's plans to address operational challenges by balancing the budget and strengthening financial controls. We also revised the outlook on seven universities to positive from stable due mainly to solid demand metrics, surplus operations, and growth in financial resources.
The rating actions in 2024 demonstrate that the credit quality divide for colleges and universities is widening. Downgrades and negative outlooks are primarily concentrated in low investment-grade and speculative-grade institutions, while most upgrades and favorable outlook revisions are occurring at the higher end of the ratings scale. Six institutions violated debt covenants and experienced rating actions in 2024 (three downgrades and three outlook revisions to negative) are rated 'BBB' or below, which represents an increase from the two institutions with covenant violations in our 2023 rating actions. As of Dec. 31, 2024, sector-wide, 83% of institutions have a stable outlook, compared with 13% with a negative outlook and 4% with a positive outlook.
Table 1
| U.S. higher education 2024 rating action summary | ||||
|---|---|---|---|---|
| First quarter | Second quarter | Third quarter | Fourth quarter | |
| Rating initially assigned | 0 | 2 | 1 | 0 |
| Rating lowered; outlook negative | 0 | 5 | 2 | 2 |
| Rating lowered; outlook stable | 5 | 6 | 1 | 2 |
| Rating maintained; outlook to negative | 5 | 4 | 6 | 6 |
| Rating maintained; outlook to stable | 5 | 3 | 1 | 2 |
| Rating maintained; outlook to positive | 2 | 2 | 2 | 1 |
| Rating raised; outlook stable | 2 | 3 | 4 | 4 |
Chart 2
Table 2
| U.S. higher education ratings initially assigned | |||
|---|---|---|---|
| Institution | State | Rating | Outlook |
| Abilene Christian University | TX | A- | Stable |
| Alfred University | NY | BBB+ | Stable |
| Goodwin University | CT | BBB- | Stable |
Table 3
| U.S. higher education ratings raised | ||||||
|---|---|---|---|---|---|---|
| Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description |
| Carnegie Mellon University | PA | AA+ | AA | Stable | Positive | Improved enrollment, matriculation, and selectivity, consistent surpluses, and balance-sheet stability despite significant capital investment |
| Clemson University | SC | AA+ | AA | Stable | Positive | Impressive growth in cash and investments, consistent operating surpluses, and positive enrollment trends |
| Dartmouth College | NH | AAA | AA+ | Stable | Positive | Rising enrollment, favorable student demand metrics, recurring financial surpluses, ample financial resources with moderate debt |
| Illinois State University | IL | A | A- | Stable | Positive | Improved enrollment and financial performance and expected improvement of those metrics |
| Johns Hopkins University | MD | AA+ | AA | Stable | Stable | Growing enrollment, increasing cash and investments, improved state credit quality, and additional state support |
| Midwestern University | IL | AA- | A+ | Stable | Positive | Favorable demand trend, healthy and improved financial performance, robust philanthropic support, and low debt burden |
| Montana State University | MT | AA- | A+ | Stable | Positive | Increasing state appropriations, moderation of enrollment declines, and improving financial resources |
| Northeastern Illinois University | IL | BBB- | BB+ | Stable | Stable | Gradual improvement in market position and history of robust operating performance |
| Southern Illinois University | IL | A- | BBB+ | Stable | Stable | Consistent, significant operating surpluses and increasing financial resources over time |
| St. John's College | MD | A- | BBB+ | Stable | Positive | Stabilizing enrollment trend, increasing cash and investments, and improved state credit quality and support |
| Sweet Briar College | VA | BB+ | BB | Stable | Positive | Sustained financial resource growth leading to less reliance on student-generated revenue for operations |
| University of North Carolina at Charlotte | NC | AA- | A+ | Stable | Positive | Improved enrollment, selectivity, operating results, and financial resources to levels consistent with higher-rated peers |
| Virginia Polytechnic Institute & State University | VA | AA+ | AA | Stable | Stable | Excellent enterprise and demand profile, consistent operating surpluses, healthy balance sheet metrics |
Table 4
| U.S. higher education ratings lowered | ||||||
|---|---|---|---|---|---|---|
| Institution | State | Rating to | Rating from | Outlook to | Outlook from | Description |
| Albany College of Pharmacy and Health Sciences | NY | BBB | BBB+ | Stable | Negative | Ongoing enrollment challenges leading to full-accrual operating deficits and weakened financial resources |
| Albion College | MI | BB | BBB | Negative | Negative | Weakened liquidity, significant structural operating deficits, continued endowment draws for operations, decreasing enrollment |
| Baldwin Wallace University | OH | BBB+ | A- | Negative | Stable | Significant operating deficits and supplemental endowment loans that are expected to reoccur |
| Barton College | NC | BB+ | BBB- | Stable | Stable | Worsening financial resources leading to covenant violations, and worsening selectivity and matriculation following application declines |
| College For Creative Studies | MI | BBB | BBB+ | Stable | Stable | Limited demand due to niche programming, small and declining enrollment, and continued operating deficits anticipated |
| Columbia College Chicago | IL | BBB- | BBB+ | Negative | Negative | Deep operating deficits leading to financial resource deterioration and weakened liquidity, enrollment declines, and highly concentrated revenues create risk |
| D'Youville University | NY | BBB- | BBB | Stable | Stable | Weakened financial resource ratios with significant decline in cash and investments |
| Flagler College | FL | BBB+ | A- | Stable | Stable | Weakened balance sheet from drawdown on cash and investments, substantial increase in debt, and continuous enrollment declines |
| Houghton University | NY | BB+ | BBB- | Stable | Stable | Large operating deficits and highly restricted financial resources combined with limited demand flexibility |
| Icahn School of Medicine at Mount Sinai | NY | BBB+ | A- | Negative | Stable | Increased liability owed to hospital partner, thin balance sheet, operating pressure at hospital partner that could stress support |
| Illinois College | IL | BBB | BBB+ | Stable | Stable | Enrollment declines, operating deficits, and sizable supplemental endowment draws continuing through fiscal 2026 |
| Kettering University | MI | BBB+ | A- | Stable | Negative | Continued enrollment declines with a high level of student dependence, resulting in operating deficits |
| Lycoming College | PA | BBB+ | A- | Stable | Negative | Weakened operating performance and pressured enrollment from high tuition discounting and small enrollment base |
| Manchester University | IN | BBB | BBB+ | Negative | Negative | Operating deficits and violation of debt covenant with supplemental draws on endowment to meet covenant |
| Manhattan University | NY | BBB | BBB+ | Negative | Stable | Sustained enrollment declines and weakening of credit characteristics leading to operating pressures and increased endowment draws |
| Marymount University | VA | BB- | BB+ | Stable | Stable | Unexpected and significant liquidity decline, additional debt, and material operating deficits |
| Medaille University | NY | D | CCC | NM | Negative | Missed April 2024 interest payments on series 2023 and 2018 bonds |
| Mount Saint Mary's University | CA | A- | A | Stable | Stable | Larger operating deficits in fiscal 2023, with expectation for operational pressures to persist |
| Neumann University | PA | BBB- | BBB | Stable | Negative | Very weak financial resources and trend of operating deficits, which are expected to continue |
| New York Institute of Technology | NY | BBB | BBB+ | Stable | Stable | Increased debt levels and associated weakening of financial resource ratios relative to debt |
| Simmons University | MA | BB+ | BBB- | Negative | Negative | Continued enrollment declines creating operating pressure and anticipated heavy endowment draw which could strain financial resources |
| Stetson University | FL | BBB+ | A- | Stable | Negative | Weakened demand profile, enrollment decrease, and operating deficit in fiscal 2023 |
| University of Health Sciences & Pharmacy in St. Louis | MO | BB+ | BBB- | Stable | Stable | Enrollment declines and above-policy endowment draws to support operations |
| Vaughn College of Aeronautics & Technology | NY | B+ | BB- | Negative | Stable | Enrollment declines, weakened operating performance and financial resources, forbearance agreement due to covenant violations |
Table 5
| U.S. higher education outlook revisions | |||||
|---|---|---|---|---|---|
| Institution | State | Rating | Outlook to | Outlook from | Description |
| American University | DC | A+ | Negative | Stable | Recent enrollment and demand challenges which could continue over the outlook period |
| Barnard College | NY | A | Negative | Stable | Ongoing operating deficits from rapidly rising expenses, and significant management turnover |
| Baylor College of Medicine | TX | A | Stable | Positive | Potential balance-sheet pressure with campus expansion plans supported by new debt and other resources |
| Champlain College | VT | BBB- | Negative | Stable | Potential enrollment declines resulting in operating pressure and weakening financial resources |
| Cleveland Institute of Music | OH | BBB- | Negative | Stable | Declining enrollment and weakening demand metrics from headline risk, which could weaken operations and financial resources |
| Colby College | ME | AA | Stable | Positive | Modest operating performance, declines in financial resources, rising capital expenditures, and somewhat high debt burden |
| College of New Jersey | NJ | A | Negative | Stable | Projected continued operating pressure and modest financial resources relative to operations and debt |
| Doane University | NE | A- | Negative | Stable | Weak enrollment trend and pressured operations, resulting in elevated endowment draws |
| Eastern Illinois University | IL | BBB- | Positive | Stable | Operating surpluses from prudent expense management, increased state support, and growth in financial resources |
| Emory University | GA | AA | Negative | Stable | Ongoing financial operating deficits at Emory Health Care, accounting for approximately two-thirds of total revenue |
| Ferris State University | MI | A+ | Stable | Negative | Slowly stabilizing enrollment and solid operating surpluses supported by state appropriations |
| Guilford College | NC | BBB- | Negative | Stable | Weakened operating margins from accounting change and debt service covenant violation in fiscal 2023 |
| Hampden-Sydney College | VA | A | Negative | Stable | Significant operating deficits, additional endowment draws, very high tuition discount rate, and weaker unrestricted financial resources |
| Hendrix College | AR | BBB- | Stable | Negative | Recent enrollment stabilization, solid balance sheet metrics, and management's plan to balance the operating budget |
| Hiram College | OH | BB | Negative | Stable | Significantly declining operations leading to a covenant violation, coupled with leadership turnover |
| Houston Christian University | TX | BBB- | Stable | Positive | Anticipated additional debt plans without commensurate increase in financial resources and slower enrollment growth |
| Johnson & Wales University | RI | A- | Stable | Positive | Materially lower enrollment projections and operating deficits expected in fiscal years 2024-2027 |
| Kansas State University | KS | A+ | Positive | Stable | Strong and growing financial resources, stabilizing enrollment, and improved state support |
| Loyola University New Orleans | LA | BBB | Negative | Stable | Significant enrollment decline from admissions staff turnover and FAFSA delays, and enrollment uncertainty in fall 2025 |
| Missouri Southern State University | MO | BBB- | Stable | Negative | Balance-sheet ratios and FTE enrollment growth with expectations of continued demand metrics stabilization |
| Niagara University | NY | BBB+ | Negative | Stable | Operating deficits and deteriorated balance sheet metrics despite healthy enrollment growth |
| Pacific Lutheran University | WA | BB | Stable | Negative | Improved demand and momentum toward negotiating favorable forbearance agreement and revised covenant requirements |
| Rhodes College | TN | A+ | Negative | Stable | Weakened operating results from enrollment variability, rising tuition discounting, and increasing operating expenses |
| Rosalind Franklin University of Medicine & Science | IL | BBB+ | Negative | Stable | Weakened operating results and a decline in financial resource ratios over the past few years |
| Saint Elizabeth University | NJ | BB | Negative | Stable | Weakened operating performance from significant enrollment declines which triggered a covenant violation |
| Saint Francis University | PA | BBB | Negative | Stable | Enrollment declines, operating deficit in fiscal 2023, extraordinary endowment draw in fiscal 2024, and weak balance sheet |
| Saint Joseph's University | PA | A- | Stable | Positive | Unforeseen challenges with merger and defeasance of combined debt and expectations for operational stability |
| Saint Michael's College | VT | BBB- | Negative | Stable | Continued enrollment pressure leading to significant operational deficits and anticipation of high endowment draws to persist |
| St. Edwards University | TX | BBB | Stable | Negative | Positive operations leading to financial resource growth and potential for enrollment stability |
| St. Lawrence University | NY | A | Negative | Stable | Sustained enrollment declines and larger operating deficits that are expected to continue |
| State University of Iowa | IA | AA | Positive | Stable | Multiple years of large surpluses, consistent growth in financial resources and improving demand metrics |
| Taylor University | IN | A- | Positive | Stable | Improved balance sheet, recent enrollment growth, and solid demand metrics |
| University of Arizona | AZ | AA- | Negative | Stable | Anticipation of increased deficit operations and pressured liquidity |
| University of Florida | FL | AA+ | Positive | Stable | Exceptional market position and balance sheet metrics, and recent surplus operations |
| University of Hartford | CT | BB+ | Stable | Negative | Stabilized enrollment and strengthened financial controls resulting in slimmer operating deficits |
| University of Illinois | IL | AA- | Positive | Stable | Improved financial resource ratios, consistent positive operating performance, improved revenue diversity, and strengthened demand metrics |
| University of Oregon | OR | AA- | Positive | Stable | Growing enrollment and financial resources, solid history of fundraising, and sound research base |
| University of Portland | OR | A | Negative | Stable | Consistent enrollment declines resulting in growing operating deficits and weakening financial resources the past three years |
| Western Illinois University | IL | BBB- | Negative | Stable | Past and expected enrollment declines and material operating deficits in fiscal 2024 |
Table 6
| U.S. higher education ratings maintained | |||
|---|---|---|---|
| Institution | State | Rating | Outlook |
| First quarter | |||
| Arizona State University | AZ | AA | Stable |
| Augustana University | SD | BBB- | Stable |
| Babson College | MA | A+ | Stable |
| Baylor University | TX | A+ | Positive |
| Bradley University | IL | BBB+ | Stable |
| Bryant University | RI | A- | Stable |
| Calvin University | MI | A- | Stable |
| Capital University | OH | BBB- | Stable |
| Colgate University | NY | AA | Stable |
| Colorado College | CO | AA | Stable |
| Colorado School of Mines | CO | A+ | Stable |
| Cornell University | NY | AA | Stable |
| Davidson College | NC | AA+ | Stable |
| Fisher College | MA | BBB+ | Stable |
| Gannon University | PA | BBB+ | Stable |
| George Washington University | DC | A+ | Stable |
| Grinnell College | IA | AAA | Stable |
| Harvard University | MA | AAA | Stable |
| Iona University | NY | BBB | Stable |
| Iowa State University | IA | AA | Stable |
| Kansas City Art Institute | MO | A- | Stable |
| La Salle University | PA | BB- | Stable |
| Lipscomb University | TN | BBB- | Stable |
| Loyola University of Chicago | IL | A+ | Stable |
| Lubbock Christian University | TX | BBB- | Negative |
| McDaniel College | MD | BBB | Positive |
| Mercer University | GA | A- | Stable |
| Milwaukee School of Engineering | WI | A- | Stable |
| Missouri Western State University | MO | BBB | Stable |
| New Mexico Institute of Mining & Technology | NM | A+ | Stable |
| New Mexico State University | NM | A+ | Stable |
| New York University | NY | AA- | Stable |
| North Carolina State University at Raleigh | NC | AA | Stable |
| Northern Arizona University | AZ | A+ | Stable |
| Nova Southeastern University | FL | A- | Stable |
| Ohio Wesleyan University | OH | A- | Stable |
| Oklahoma State University | OK | AA- | Stable |
| Old Dominion University | VA | A+ | Stable |
| Princeton Theological Seminary | NJ | AAA | Stable |
| Princeton University | NJ | AAA | Stable |
| Purdue University | IN | AAA | Stable |
| Regent University | VA | BBB | Stable |
| Rice University | TX | AAA | Stable |
| Ringling College of Art and Design | FL | BBB | Stable |
| Rowan University | NJ | A | Stable |
| Saint Mary's College | IN | A- | Stable |
| Seton Hill University | PA | BBB- | Stable |
| Smith College | MA | AA+ | Stable |
| Southeast Missouri State University | MO | A | Stable |
| St. Bonaventure University | NY | BBB+ | Stable |
| University of Alaska | AK | A+ | Stable |
| University of California | CA | AA | Stable |
| University of Kentucky | KY | AA+ | Stable |
| University of Minnesota | MN | AA | Stable |
| University of North Carolina at Greensboro | NC | A+ | Stable |
| University of Oklahoma | OK | A+ | Stable |
| University of Oklahoma Health Sciences Center | OK | AA- | Stable |
| University of Richmond | VA | AA+ | Stable |
| University of Scranton | PA | A- | Stable |
| University of Southern California | CA | AA | Stable |
| University of Texas System | TX | AAA | Stable |
| University of Washington | WA | AA+ | Stable |
| University System of Maryland | MD | AA+ | Stable |
| Valley City State University | ND | BBB+ | Stable |
| Vanderbilt University | TN | AAA | Stable |
| Villanova University | PA | AA- | Stable |
| Washington & Jefferson College | PA | BBB+ | Stable |
| Western Kentucky University | KY | A- | Stable |
| Western New England University | MA | BBB- | Stable |
| Westminster College | PA | BBB | Stable |
| Westminster University | UT | BBB- | Stable |
| Williams College | MA | AA+ | Stable |
| Yale University | CT | AAA | Stable |
| Second quarter | |||
| Alvernia University | PA | BB+ | Stable |
| Amherst College | MA | AA+ | Stable |
| Arcadia University | PA | BBB- | Stable |
| Bard College | NY | BBB- | Positive |
| Bates College | ME | A+ | Stable |
| Boston College | MA | AA- | Stable |
| Bryn Mawr College | PA | AA+ | Stable |
| Buena Vista University | IA | A | Stable |
| Central Michigan University | MI | A+ | Stable |
| Fayetteville State University | NC | A- | Stable |
| Florida Institute of Technology | FL | BBB- | Stable |
| Governors State University | IL | BBB | Stable |
| Hampton University | VA | A | Stable |
| Hawaii Pacific University | HI | BB | Stable |
| Howard University | DC | BBB- | Positive |
| Indiana University | IN | AAA | Stable |
| Inter American University of Puerto Rico | PR | A- | Stable |
| Kean University | NJ | A- | Stable |
| Lasell University | MA | BB | Negative |
| Lehigh University | PA | AA- | Stable |
| Masters University | CA | BBB- | Stable |
| Mayville State University | ND | BBB+ | Stable |
| Medical College of Wisconsin | WI | AA- | Stable |
| Merrimack College | MA | BBB- | Stable |
| Messiah University | PA | A- | Stable |
| Methodist University | NC | BB | Stable |
| Michigan State University | MI | AA | Stable |
| Minnesota State Colleges & Universities | MN | AA- | Stable |
| Missouri State University | MO | A+ | Stable |
| Molloy University | NY | BBB | Stable |
| Moravian University | PA | BBB+ | Stable |
| Mount Aloysius College | PA | BBB+ | Stable |
| Nevada System of Higher Education | NV | AA- | Stable |
| New Jersey Institute of Technology | NJ | A | Stable |
| Nicholls State University | LA | BBB | Stable |
| Northern Michigan University | MI | A | Stable |
| Northwestern University | IL | AA+ | Stable |
| Pace University | NY | BBB- | Stable |
| Pacific University | OR | BBB | Stable |
| Quinnipiac University | CT | A- | Stable |
| Rensselaer Polytechnic Institute | NY | BBB+ | Stable |
| Saginaw Valley State University | MI | A | Stable |
| Seattle University | WA | A | Stable |
| Southern New Hampshire University | NH | A+ | Stable |
| State University of Iowa | IA | AA | Stable |
| Stevens Institute of Technology | NJ | BBB+ | Positive |
| Texas A&M University | TX | AA+ | Stable |
| Texas A&M University System | TX | AAA | Stable |
| Trinity College | CT | A+ | Stable |
| Trinity University | TX | AA- | Stable |
| Troy University | AL | A+ | Stable |
| Tulane University | LA | A+ | Stable |
| University of California | CA | AA | Stable |
| University of Chicago | IL | AA- | Stable |
| University of Dubuque | IA | BBB | Negative |
| University of Indianapolis | IN | BBB | Stable |
| University of Massachusetts System | MA | AA- | Stable |
| University of North Alabama | AL | A | Stable |
| University of Puerto Rico | PR | CC | Negative |
| University of South Alabama | AL | A+ | Stable |
| University of Southern California | CA | AA | Stable |
| University of Utah | UT | AA+ | Stable |
| University of Vermont & State Agricultural College | VT | A+ | Positive |
| Vanderbilt University | TN | AAA | Stable |
| Vassar College | NY | A+ | Stable |
| Wake Forest University | NC | AA | Stable |
| Washington College | MD | BBB | Negative |
| Washington State University | WA | A+ | Stable |
| Wayland Baptist University | TX | BBB+ | Negative |
| Wesleyan University | CT | AA | Stable |
| Wilkes University | PA | BBB- | Stable |
| Winston-Salem State University | NC | A- | Stable |
| Wofford College | SC | A- | Stable |
| Yale University | CT | AAA | Stable |
| Ave Maria University | FL | BBB- | Stable |
| Third quarter | |||
| Bowling Green State University | OH | AA- | Stable |
| California State University | CA | AA- | Stable |
| Centre College of Kentucky | KY | A | Stable |
| Colby College | ME | AA | Stable |
| Columbia University | NY | AAA | Stable |
| Dartmouth College | NH | AAA | Stable |
| Delaware State University | DE | BBB- | Stable |
| DePaul University | IL | A | Stable |
| Drake University | IA | A- | Stable |
| Earlham College | IN | A- | Stable |
| East Carolina University | NC | AA- | Stable |
| Eastern University | PA | BBB- | Stable |
| Fairfield University | CT | A | Stable |
| Florida International University | FL | AA- | Stable |
| Florida State University | FL | AA+ | Stable |
| Florida State University System | FL | AA+ | Stable |
| George Fox University | OR | A- | Stable |
| Grand Valley State University | MI | A+ | Stable |
| Hartwick College | NY | BB | Stable |
| Hofstra University | NY | A | Stable |
| Illinois Wesleyan University | IL | A- | Stable |
| Jacksonville State University | AL | BBB | Stable |
| Juniata College | PA | BBB | Stable |
| King's College | PA | BBB | Stable |
| Lawrence Technological University | MI | BBB- | Stable |
| Lewis & Clark College | OR | A- | Stable |
| Lewis University | IL | BBB | Stable |
| Lindsey Wilson College | KY | BBB | Stable |
| Loma Linda University | CA | A | Stable |
| Long Island University | NY | A- | Stable |
| Marywood University | PA | BB+ | Stable |
| Meredith College | NC | BBB+ | Negative |
| Middlebury College | VT | AA | Stable |
| Minot State University | ND | A | Stable |
| Morgan State University | MD | A+ | Stable |
| Oberlin College | OH | AA- | Stable |
| Ohio University | OH | A+ | Stable |
| The Ohio State University | OH | AA | Stable |
| Oklahoma City University | OK | BBB- | Stable |
| The Pennsylvania State University | PA | AA | Stable |
| Pepperdine University | CA | AA- | Stable |
| Providence College | RI | A | Stable |
| Roanoke College | VA | BBB+ | Stable |
| Sarah Lawrence College | NY | BBB- | Stable |
| St. Ambrose University | IA | A- | Stable |
| St. John's University | NY | A- | Stable |
| Stanford University | CA | AAA | Stable |
| Stevenson University | MD | BBB- | Stable |
| Swarthmore College | PA | AAA | Stable |
| Syracuse University | NY | AA- | Stable |
| Teachers College - Columbia University | NY | A+ | Stable |
| Texas Tech University System | TX | AA+ | Stable |
| Thomas M Cooley Law School | MI | B- | Negative |
| University of Alabama | AL | AA | Stable |
| University of Alabama Huntsville | AL | AA- | Stable |
| University of Findlay | OH | BBB- | Stable |
| University of Houston System | TX | AA | Positive |
| University of Idaho | ID | A | Stable |
| University of Kentucky | KY | AA+ | Stable |
| University of Louisville | KY | A+ | Stable |
| University of Maine System | ME | AA- | Negative |
| University of Missouri | MO | AA+ | Stable |
| University of Montevallo | AL | A- | Stable |
| University of North Alabama | AL | A | Stable |
| University of North Florida | FL | A | Stable |
| University Of Northwestern Ohio | OH | BBB- | Stable |
| Wayne State University | MI | A+ | Stable |
| Western Carolina University | NC | A+ | Stable |
| Williams College | MA | AA+ | Stable |
| Worcester State University | MA | A | Stable |
| Fourth quarter | |||
| Allegheny College | PA | A- | Stable |
| Barton College | NC | BB+ | Stable |
| Belmont University | TN | A | Stable |
| Berklee College of Music | MA | A | Stable |
| Boise State University | ID | A+ | Stable |
| Boston University | MA | AA- | Positive |
| Brown University | RI | AA+ | Stable |
| California Institute of Technology | CA | AA- | Stable |
| Case Western Reserve University | OH | AA- | Stable |
| College of the Holy Cross | MA | AA- | Stable |
| College of William & Mary | VA | AA | Stable |
| Denison University | OH | AA | Stable |
| Dickinson College | PA | A+ | Stable |
| Drexel University | PA | BBB+ | Stable |
| Duke University | NC | AA+ | Stable |
| Emerson College | MA | BBB+ | Stable |
| Gettysburg College | PA | A | Stable |
| Haverford College | PA | AA- | Stable |
| Holy Family University | PA | A- | Stable |
| Houston Christian University | TX | BBB- | Stable |
| Knox College | IL | BBB+ | Stable |
| Lafayette College | PA | A+ | Stable |
| Lake Forest College | IL | BBB | Stable |
| Marian University | IN | BBB | Stable |
| Marshall B. Ketchum University | CA | A- | Stable |
| Massachusetts Institute of Technology | MA | AAA | Stable |
| Mercyhurst University | PA | BB | Negative |
| North Dakota State University | ND | AA- | Stable |
| Olin College of Engineering | MA | A | Stable |
| Purdue University | IN | AAA | Stable |
| Ramapo College | NJ | A | Stable |
| Randolph College | VA | BBB+ | Stable |
| Reed College | OR | AA- | Stable |
| Rivier University | NH | BBB | Stable |
| Rose-Hulman Institute of Technology | IN | A- | Stable |
| Southeastern University | FL | BB | Stable |
| Temple University | PA | A+ | Stable |
| The College of Idaho | ID | BBB | Stable |
| The Juilliard School | NY | AA | Stable |
| The New School | NY | BBB+ | Stable |
| Universidad del Sagrado Corazon | PR | BB | Stable |
| University of Central Missouri | MO | A+ | Stable |
| University of Denver | CO | A+ | Stable |
| University of Detroit Mercy | MI | BBB | Stable |
| University of Evansville | IN | BBB- | Stable |
| University of Illinois | IL | AA- | Positive |
| University of Miami | FL | A- | Stable |
| University of New Haven | CT | BBB- | Stable |
| University of New Mexico | NM | AA- | Stable |
| University of Pennsylvania | PA | AA+ | Stable |
| University of Puget Sound | WA | A+ | Stable |
| University of Rhode Island | RI | A+ | Stable |
| University of St. Thomas | TX | BBB | Stable |
| University of Texas System | TX | AAA | Stable |
| University of Virginia | VA | AAA | Stable |
| University System of New Hampshire | NH | A+ | Stable |
| Ursinus College | PA | BBB | Stable |
| Washington & Lee University | VA | AA | Stable |
| Washington University | MO | AA+ | Stable |
| Wellesley College | MA | AA+ | Stable |
| West Virginia University | WV | A | Stable |
| Wingate University | NC | BBB- | Stable |
| Worcester Polytechnic Institute | MA | A | Stable |
| York College of Pennsylvania | PA | A- | Stable |
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- U.S. Not-For-Profit Higher Education Outlook 2025: The Credit Quality Divide Widens, Dec. 5, 2024
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- U.S. Higher Education Rating Actions, Fourth-Quarter 2024, Jan. 13, 2025
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- U.S. Higher Education Rating Actions, Second-Quarter 2024, July 19, 2024
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Cheyenne Barber and Sid Kolli contributed research for this report.
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: | 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 |
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