Northwestern University, IL Bond Rating Outlook Revised To Negative On Weaker Operations And Expected Increase In Debt

CHICAGO (S&P Global Ratings) Jan. 30, 2019--S&P Global Ratings has revised the outlook on Northwestern University, Ill.'s revenue bonds to negative from stable. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and 'AAA/A-1+' ratings on Northwestern's revenue bonds, and its 'A-1+' short-term rating on the university's commercial paper (CP) notes. "The outlook revision reflects the university's weaker operational results during the past two years compared with historical operating results, with projections that this will continue in fiscal 2019 and fiscal 2020, and the institution's expectation of increasing short-term debt outstanding during the outlook period through the use of lines of credit and CP," said S&P Global Ratings credit analyst Jessica Wood. The ratings reflect our assessment

...CHICAGO (S&P Global Ratings) Jan. 30, 2019--S&P Global Ratings has revised the outlook on Northwestern University, Ill.'s revenue bonds to negative from stable. At the same time, S&P Global Ratings affirmed its '###' long-term rating and '###/A-1+' ratings on Northwestern's revenue bonds, and its 'A-1+' short-term rating on the university's commercial paper (CP) notes. "The outlook revision reflects the university's weaker operational results during the past two years compared with historical operating results, with projections that this will continue in fiscal 2019 and fiscal 2020, and the institution's expectation of increasing short-term debt outstanding during the outlook period through the use of lines of credit and CP," said S&P Global Ratings credit analyst Jessica Wood. The ratings reflect our assessment of Northwestern's: + Impressive demand, excellent student quality, and increasingly competitive admissions; + Strong endowment; + Strong revenue diversity, ability to raise funds,...

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