...S&P Global Ratings lowered its long-term debt rating and issuer credit rating (ICR) to 'A+' from '##-' on University of Louisville Foundation Inc. (ULF), Ky. The outlook is negative. The downgrade reflects our view of significant management and board turnover, and a recent forensic investigation of ULF's transactions and activities from fiscal year 2014 to 2016 that has affected confidence in the foundation's historical financial transparency, and caused decreases in both foundation gifts and overall fundraising at the university. During the past couple of years, several of ULF's key financial metrics have weakened, specifically its operating performance and financial resources to operating expenses, to levels that, in our view, are no longer consistent with the '##-' rating. The negative outlook reflects our view that while the new ULF management has taken material steps to restore confidence in management and improve financial transparency and governance following the forensic audit findings,...
