Canadian universities in debt $3 billion

October 23, 2007

A recent study by the Dominion Bond Rating Service, which tracks the credit ratings of 13 Canadian universities, reports that many universities have borrowed heavily through bond issues to finance major expansion and renovation projects, and -- to the dismay of some analysts -- to refinance bank debt. The Vancouver Sun singles out top borrowers UOIT, UQAM, and Wilfrid Laurier University. DBRS has downgraded the credit ratings of uToronto, uGuelph, and UQAM.