香蕉视频

香蕉视频 is pleased that Standard & Poor鈥檚 Ratings Services has confirmed the University鈥檚 credit rating at AA- (Stable), one notch above that of the province of Quebec. In a report dated Dec. 14, S&P says the rating reflects McGill鈥檚 鈥渆xcellent student-demand and research profile鈥� and a moderate debt load, relative to peer institutions. At the same time, the ratings service notes that 鈥渢he restrictive and low tuition regime鈥� in Quebec 鈥渞esults in greater dependence on provincial support and therefore less-diversified sources of revenue鈥� than at rated universities in other provinces.

鈥淲e are gratified by this recognition of the University鈥檚 sound management and governance amid a very difficult financial environment,鈥� said Michael Di Grappa, Vice-Principal (Administration and Finance).鈥淲e are committed to doing everything possible to maintain our position as a leading research university and major contributor to Quebec society. The S&P report is testament to what we have achieved 鈥� but also underscores the steep challenges we will face if the government pushes ahead with the cuts in university funding that it has recently announced.鈥�

S&P observes that the university鈥檚 鈥渃urrent reliance on Quebec constrains the rating.鈥� Because McGill鈥檚 rating 鈥渋s one notch above that of the province, without a significant increase in financial flexibility and a material reduction in debt, we believe than an upgrade is unlikely in the near term,鈥� S&P adds.

The report also notes that McGill has estimated that funding cuts recently announced by the provincial government could push the University鈥檚 operating-fund deficit to $30 million in the current fiscal year. 聽鈥淚n our view, this level of deficit and the associated drop in provincial support, combined with limited tuition flexibility, could place significant downward pressure on our ratings on the university.鈥�