Guelph, University of: Rating Report

On March 3, 2020, DBRS Limited (DBRS Morningstar) changed the trend on the University of Guelph’s (Guelph or the University) Issuer Rating and Senior Unsecured Debt rating to Positive from Stable and confirmed both ratings at A (high). The trend change reflects (1) Guelph’s steadily declining debt burden and anticipation it will improve further over the next three years, (2) DBRS Morningstar’s confidence that the University will be able to weather a challenging operating environment and that any softening in operating results will be temporary, and (3) the University's continued progress toward the implementation of a multi-employer University Pension Plan (UPP), which will provide relief to the operating budget.