On Tuesday, April 16, international credit rating agency S&P Global Ratings issued its annual long-term credit and senior unsecured debt ratings of Queen’s. The full report and the news release are available for review.
The university’s rating has remained unchanged at AA+, signifying a stable long-term outlook which S&P says “reflects our view that Queen's will sustain its exceptional market position and stable student demand over the next two years” but tempers that message and outlook with the “expectation that Queen’s management will take meaningful proactive measures to balance operations.” S&P’s “base-case forecast assumes effective cost-saving measures to restore operational balance.”
The university’s Balanced Budget Plan aims to return the university to structural balance over the next two years. Measures that have been implemented so far include a hiring freeze; voluntary retirement and early exit incentives; base budget reductions across the university; general spending reductions in areas like travel, technology purchases, and procurement; and operational improvements such as sharing of services and expenses, joint investments, and new campus partnerships.
This story originally appeared in the Queen's Gazette.
