Toronto, University of: Rating Report

On August 5, 2021, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Senior Unsecured Debentures rating of the University of Toronto (the University) at AA with Stable trends. The ratings reflect the University’s exceptional academic profile, strong student demand, and effective financial management practices, which have translated into positive operating results and a strong balance sheet despite the ongoing Coronavirus Disease (COVID-19) pandemic. The challenging operating environment—including constrained provincial funding and the ongoing tuition freeze for domestic students—remains a challenge for all Province of Ontario universities.