"The downgrade of Bellarmine University's issuer rating to Ba1 from Baa3 and outlook revision to negative from stable reflects university provided forecasts for potential operating deficits through at least fiscal 2025 under various scenarios. Revenue growth is projected to be limited with rising undergraduate tuition discounting. Absent as yet unidentified measures for expense reduction or revenue growth, the university will confront a material and unsustainable fiscal imbalance driving a reduction in liquidity."
https://www.moodys.com/research/Moodys-downgrades-Bellarmine-Universitys-KY-issuer-and-debt-rating-to--PR_907668370