UMass' bond rating -- which determines the interest rates it pays for borrowing -- is Aa2. That is Moody's third highest rating. Moody's said negative outlook meant experts saw downward pressure on the rating and the possibility of a downgrade. The stable outlook should mean an unchanged rating for the next 12-24 months. Moody's said the rating encompasses the entire UMass system. It doesn't have individual ratings for what is, for now, a five-campus system. As positives, Moody's cited: "steady enrollment and positive operating performance at UMass, continued solid state support and growth in financial resources, with manageable plans for future borrowing under the stewardship of a strong management team."