S&P Global Ratings lowered its long-term rating to ?BB-? from ?BB? on debt issued for Rider University , N.J. (Rider). The outlook is stable. The downgrade reflects Rider's continuous significant operating deficits, which have led to deteriorating financial resource ratios and more limited liquidity, along with what we view as a risky pro forma debt profile as the university issued additional debt to offset recent cash deficits. The series 2021A, 2021B, and 2017F bonds are secured by Rider's general obligation pledge and a mortgage on university property. Total debt outstanding as of June 30, 2024, was about $119 million, which includes the series 2021A, 2021B, and 2017F issuances, as well as about $8.8 million drawn on a line of credit
