Moody’s Investor Service (a rating agency) has downgraded Williams’s credit rating to Aa1. It appears that this is more of a reflection of the general state and direction of elite liberal arts institutions (Wesleyan was also downgraded) then anything related to Williams specifically. Moreover, with a $1.2 billion endowment, the College is in fine shape financially. Still, it is a reminder that (presumably!) the College can not keep doubling its fees every 20 years forever . . .

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