CHICAGO — Fitch Ratings has stripped the Illinois Institute of Technology of its investment-grade rating and assigned a negative outlook to the school and its $190 million of outstanding revenue bonds, which were issued through the Illinois Finance Authority.

Fitch downgraded the Chicago-based university’s rating by four notches on Friday, lowering it to BB-minus from BBB. The agency also warned of the potential for further negative action due in part to the toll on its balance sheet of ongoing draws from its endowment to offset operating losses.

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