CHICAGO — As it works to reduce its reliance on endowment draws and loans to cover operations, the Illinois Institute of Technology held on to its investment-grade rating from Moody’s Investors Service on Friday, when the agency removed the credit from its watchlist and affirmed its Baa3 rating.

The Chicago-based college is not out of the woods yet, however, as Moody’s assigned a negative outlook due to ongoing fiscal challenges.

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