Université du Québec à Montréal: Rating Report

On June 24, 2020, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Senior Unsecured Debentures rating of the Université du Québec à Montréal (UQAM or the University) at "A" with Stable trends. The ratings reflect UQAM's importance to the Université du Québec (UQ) network and the Province of Québec, the high level of provincial support for the University, and a relatively low debt burden. However, the ratings are constrained by a weak enrolment outlook that continues to weigh on operating performance and by the absence of expendable resources, as measured by DBRS Morningstar.