On Tuesday, April 30, 2024, international credit rating agency, DBRS Limited (Morningstar DBRS) issued a news release confirming the Issuer Rating and Senior Unsecured Debt rating of Queen’s University remains unchanged at AA. The agency noted the ratings are stable, and “reflect the University’s strong academic profile, resilient student demand, and effective management practices, which have translated into a consistently strong balance sheet over many years.”

The report also notes a negative rating action could result from a sustained deterioration in operating results leading to considerable balance sheet deterioration, or a material erosion of the university's academic profile and student demand for its programs. 

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, planned deferral of IT projects, and non-essential spending; and operational improvements such as sharing of services and expenses, joint investments, and new campus partnerships.

Read the full report on the Financial Services website.