For the third time in three years, Howard University’s credit rating has been cut.

The Washington Post reports:

Howard University’s credit rating cut for third time in three years

Moody’s Investors Service cut Howard University’s credit rating Friday for the third time in three years, reflecting continuing financial struggles at one of the nation’s premier historically black institutions.

The agency’s rating on $290 million of revenue bonds stands at Ba2, down from Baa3. The new designation indicates that Moody’s considers the university’s debt below investment grade and a “substantial credit risk.”

As recently as September 2013, Moody’s rated Howard’s debt at A3 — a low risk.

In the Moody’s system, there are 21 rating levels, from Aaa at the top to C at the bottom.

Howard, with 10,265 full- and part-time students as of last fall, is heading toward its 150th anniversary in 2017. It is one of the nation’s leading producers of doctoral degrees for African Americans and occupies a central role in the sector of historically black colleges and universities.

Privately operated, the university in Northwest Washington receives a special annual appropriation from Congress of more than $200 million.