S&P cuts Global University

S&P said it downgraded the ratings on Global University Systems and its senior secured debt to B- from B.

“We have now seen a track record of shortfalls in Global University Systems (GUS) management and governance standards. These include GUS not committing to provide audited accounts for the fiscal year ending Nov. 30, 2020, by the end of the following quarter, as it has done previously; a history of high turnover in key finance roles; insufficient independence and diversity at the board level; and a misalignment of interests--the chairman also has an equity interest in GUS,” S&P said in a press release.

The agency said GUS is taking steps to address the issues and would review them as part of its annual surveillance.

The outlook is negative.

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