Moody’s Rating Reflects MFA’s Historical Financial Challenges and GW’s Improved Outlook

As expected, Moody's Ratings downgraded the George Washington University's issuer and revenue bond ratings from A1 to A2 and revised the university's outlook to stable, the agency announced Tuesday.

In its assessment, Moody's noted that GW's operating performance is expected to strengthen, supported in part by the transfer of the majority of Medical Faculty Associates (MFA) operations to Capital Medical Group. The agency also cited fiscal year 2026 financial gains and the university's continued focus on improving its financial position and operating performance.

"While Moody's rating reflects MFA's historical financial challenges, the stable outlook reflects confidence in GW's ability to strengthen its operating performance going forward," said Executive Vice President, Chief Financial Officer and Treasurer Bruno Fernandes. "We remain focused on maintaining strong enrollment and student demand while continuing to improve our financial position and operating results. We are committed to building on GW's strong foundation and advancing our academic mission for the long term."