Moody's Downgrades Howard U.'s Credit Rating
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Moody's Investors Service on Tuesday announced that it has downgraded Howard University's credit rating from A3 to Baa1 (or from a low to moderate credit risk). Moody's cited a number of financial challenges facing Howard, including budget problems at the university hospital, declines in enrollment, and dependence on federal support at a time that such support will be difficult to grow. Sidney A. Ribeau, president of Howard, said in a statement to The Washington Post that the university has "a robust strategy to mitigate soft enrollment,” and plans for long-term changes in the hospital.