Ontario Provides Relief Funding for Severely Affected Universities
On March 19, 2021, the Province of Ontario announced $44.0 million in new targeted funding for universities it considers to be the most severely affected by the Coronavirus Disease (COVID-19) pandemic. The new funding comes in the midst of ongoing operating and financial challenges facing postsecondary institutions in the Province. While this funding is temporary and unlikely to affect credit ratings, DBRS Morningstar acknowledges that this funding will relieve some of the near-term budgetary pressures and is therefore mildly credit positive for affected universities. This new funding reaffirms Ontario's ongoing commitment to the sector, which had been brought into question following Laurentian University's recent decision to file for creditor protection on February 1, 2021.
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