McMaster University: Rating Report

On December 13, 2019, DBRS Limited (DBRS Morningstar) confirmed McMaster University’s (McMaster or the University) Issuer Rating and Senior Unsecured Debt rating at AA. All trends remain Stable. The ratings are supported by McMaster’s strong academic profile, steady enrolment growth, track record of strong financial management, and considerable financial flexibility, though the current provincial policy environment adds an element of uncertainty to the medium-term operating outlook.