"The downgrade comes as UNC faces a projected $5.4 million deficit for the 2018-19 school year. To attempt to mitigate that, the university has implemented short-term money-saving strategies like a hiring freeze, limits on staff and administrative travel and cuts to its strategic investments."
https://www.greeleytribune.com/news/in-face-of-looming-deficits-university-of-northern-colorados-credit-rating-downgraded/