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Moody’s Investors Service has downgraded the University of Arizona’s outlook from stable to negative amid the fallout of a financial crisis that has left the university struggling with a $177 million shortfall.

“The revision of the outlook to negative is driven by uncertainty around the pace of the university’s operating performance recovery following identification of a structural imbalance along with continued integration risk associated with University of Arizona Global Campus (UAGC),” Moody’s said in a statement about the decision. “Inability to right size operations in a relatively short period of time would further narrow the university’s already thin liquidity profile.”

The ratings organization also raised concerns about “turnover in management, recent evidence of weaker financial monitoring, and ongoing governance scrutiny,” as well as other issues at UA.

University of Arizona officials and Arizona Board of Regents members have been subjected to sharp scrutiny from faculty members and Democratic governor Katie Hobbs since the shortfall was discovered in November. Both faculty and the governor have accused the administration of various missteps—some of which officials have taken the blame for—and of lacking a plan to fix the issue, which is expected to lead to deep cuts across UA to fix significant financial issues.

The university has already implemented various cost-cutting measures, including a freeze on hiring, travel, compensation and construction projects. The Board of Regents has also proposed a 10 percent pay cut for UA president Robert Robbins, who would also forego some bonuses.