Key Takeaways
- Enrollment declined across all rating categories in fall 2020.
- Fiscal 2021 operating performance generally improved year over year due to expense reductions coupled with federal relief funds.
- Balance-sheet ratios saw sizable growth in fiscal 2021, spurred by healthy investment returns.
- Median debt levels remained consistent across rating categories, but those universities that did issue debt tended to issue larger amounts.
- As of June 15, 2022, 80% of S&P Global Ratings’ rating outlooks on private colleges and universities are stable, 16% are negative, and 4% are positive. This represents an improvement in credit quality from the previous year, when 30% of outlooks were negative and only 1% were positive.
12 Jul, 2022