Credit rating agency Moody's downgraded Columbia University's credit outlook to 'negative' for the first time, citing 'risks related to the federal environment for higher education institutions.' Moody's report points to a decline in the academic institution's wealth and liquidity relative to its expenses compared to peer institutions, and warns of uncertainty regarding research grants, federal loans and a decrease in the number of foreign students. The outlook change comes after the university, which became the focal point of anti-Israel and antisemitic demonstrations following the October 7 massacre, agreed to pay a $200 million fine to settle several federal investigations into civil rights issues and discrimination against Jewish and Israeli students and employees.