Standard & Poor's Ratings Services recently released its 2012 outlook for the not-for-profit higher education sector. The outlook remains mixed for the U.S. not-for-profit higher education sector in fiscal 2012. S&P believes that operating results and demand will likely be uneven for fiscal 2012 and 2013, and that many institutions will report some weakening in income performance. Despite public concern about the rising costs of going to college, the affordability crisis has not yet affected actual credit quality for most rated institutions.The rating results for calendar 2011 supported S&P's view of a mixed outlook, with an almost equal number of upgrades and downgrades. During the year, S&P also assigned an equal number of positive and negative outlooks, making for an absolutely mixed picture. An overview:

• The number of upgrades and downgrades in 2011 was almost equal, as was the number of positive and negative outlook revisions. S&P believes these trends will continue for 2012.
  
• Most states will likely further reduce support to their public colleges and universities in fiscal 2013, despite an improved economy.
  
• Competition for students and major revenue sources will increase, while debt issuance will be light through the year.
  

Standard & Poor's Ratings Services recently released its 2012 outlook for the not-for-profit higher education sector. The outlook remains mixed for the U.S. not-for-profit higher education sector in fiscal 2012. S&P believes that operating results and demand will likely be uneven for fiscal 2012 and 2013, and that many institutions will report some weakening in income performance. Despite public concern about the rising costs of going to college, the affordability crisis has not yet affected actual credit quality for most rated institutions.The rating results for calendar 2011 supported S&P's view of a mixed outlook, with an almost equal number of upgrades and downgrades. During the year, S&P also assigned an equal number of positive and negative outlooks, making for an absolutely mixed picture. An overview:

• The number of upgrades and downgrades in 2011 was almost equal, as was the number of positive and negative outlook revisions. S&P believes these trends will continue for 2012.
  
• Most states will likely further reduce support to their public colleges and universities in fiscal 2013, despite an improved economy.
  
• Competition for students and major revenue sources will increase, while debt issuance will be light through the year.