...Fitch Ratings has affirmed J. David Gladstone Institutes' (JDGI, or the Institutes) 'A' rating and revised the Rating Outlook to Stable from Negative based on adoption of "Rating Criteria for Public Sector Revenue-Supported Debt," released in June 2017. The rating reflects JDGI's position as a provider of research in the fields of cardiovascular disease, virology and immunology, and neurological diseases. The rating considers that while its revenue is dependent largely on funding from the National Institutes of Health (NIH), JDGI has a reasonable degree of operating cost flexibility and resource management risk. JDGI has a robust financial profile, characterized by maintenance of negative net adjusted debt and good liquidity cushion....
