Concordia University: Rating Report

On December 8, 2021, DBRS Limited (DBRS Morningstar) confirmed Concordia University’s (Concordia or the University) Issuer Rating and Senior Unsecured Debt ratings at "A." All trends are Stable. The ratings reflect Concordia's academic profile and the high level of support and oversight in post-secondary education exercised by the Province of Québec (Québec or the Province; rated AA (low) with a Stable trend by DBRS Morningstar). The ratings also reflect ongoing budgetary pressures amid an increasingly challenging operating environment and rising debt.