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The University of Missouri System has had the outlook on its AA+ credit rating downgraded from stable to negative by Standard & Poor's.

In announcing the negative outlook, the credit rating agency reported that, while, the university's balance sheet has remained stable, the ratio of available resources to debt may not be consistent with the AA+ rating.

A downgraded outlook is generally a precursor to the credit agency lowering the an organization's credit rating. 

The S&P report also touched on the recent upheaval at the system office and on the Columbia campus.

“The negative outlook also incorporates recent senior management changes and campus events that could, in our opinion, affect demand and enrollment in the short term,” the report says.

Former President Timothy M. Wolfe resigned Nov. 9 following student protests. Student activists were upset over Wolfe's perceived indifference to a number of racist incidents on campus.

The protests attracted national attention because of one student's hunger strike and a pledge from the University of Missouri-Columbia football team to skip all football related activities until Wolfe stepped down.

Hours after Wolfe resigned, the university’s Board of Curators took away former R. Bowen Loftin's title as chancellor and re-assigned him a role leading some of the university's research efforts.