On Monday, Moody's downgraded the university's bond rating from Baa1 to Baa2. At its peak, in 2016, the university's bond rating was A2 but it's been slipping since then. The fact that the drop has coincided with the university's decreasing enrollment is not a coincidence, a Moody's official said, and news about the sale of the artwork also was a factor that Moody's took into consideration when doling out the most recent bond rating.