Removal of the Rating Watch Negative reflects MCNY's refinancing of the mortgage bullet maturity for its Bronx campus and federal relief funds from legislation to date that provide a meaningful cushion against near-term enrollment pressure. The refinancing was executed in November of 2020, retaining current debt service (DS) at historical levels and extending the bullet at maturity to November of 2025. The Negative Outlook reflects Fitch's continued concern that persistent declines in MCNY's enrollment base may pressure revenues and debt service coverage over the outlook period after federal institutional relief funds have been drawn. 2020 enrollment declined by 9% below 2019 levels and 15% below budget.
