University of Ontario Institute of Technology: Rating Report

On November 30, 2021, DBRS Limited (DBRS Morningstar) confirmed the University of Ontario Institute of Technology’s (the University or Ontario Tech) Issuer Rating and Series A Senior Unsecured Debentures rating at A (low). Both trends are Stable. In recent years, the University’s credit profile has been supported by a strengthening academic profile, ongoing student demand for its science, technology, engineering, and mathematics program offerings, positive operating results, and debt reduction. However, the ratings are constrained by Ontario Tech's limited financial flexibility as represented by DBRS Morningstar's calculation of expendable resources. In addition, the challenging operating environment and provincial policy uncertainty remain obstacles for all public universities in the Province of Ontario.