Brock University: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating and Senior Unsecured Debentures rating of Brock University (Brock or the University) at A (high) with Stable trends. The ratings are underpinned by the University’s position as a mid-sized comprehensive university in the Province of Ontario (Ontario; rated AA (low) with a Stable trend by DBRS), the high level of oversight and funding support from Ontario and sustained fiscal discipline. The Stable trends reflect DBRS’s expectations that business risk factors are likely to remain well anchored, while sound fiscal management combined with an improving enrolment outlook should be supportive of further improvement in financial risk metrics — consistent with expectations when the ratings were upgraded in February 2017.