"The lower bond rating continues a downward trend for Rider. In April 2020, Moody’s downgraded Rider’s rating to Ba1 with a negative outlook....The university’s financial problems are complicated by the need to negotiate a new contract with its faculty."
https://www.nj.com/education/2021/07/nj-universitys-junk-bond-status-downgraded-again-as-money-concerns-grow.html