...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 s that this will continue in fiscal 2019 and fiscal 2020, and with the institution's expectation of increasing total debt outstanding during the outlook period through the use of lines of credit and CP. We assessed the university's enterprise profile as extremely strong, which reflects its exceptional demand and enrollment profile, as well as its solid management team, with excellent strategic planning and governance. We assessed the university's financial profile as very strong, characterized by its record...
