Moody’s Investors Service on Monday downgraded Illinois Wesleyan University’s rating to Baa1 from A3 on $52.2 million of debt due to ongoing operating deficits and weak cash flow.

The debt was sold through the Illinois Finance Authority. The decline in financial resources is straining the university’s balance sheet and providing a less-robust cushion for outstanding debt and annual operations than in the past. The outlook at the lower rating is stable.

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