DALLAS -- Bonds for a $361 million public-private partnership student housing project at Texas A&M University lost an investment-grade rating after first-year occupancy failed to surpass half of the expected level.

Moody's Investors Service dropped the bonds to Ba1 from Baa3. They were issued in 2015 through New Hope Cultural Education Facilities Finance Corp.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.