S&P downgraded Columbia College Chicago bonds to BBB-

"The two-notch downgrade reflects our view of the college's deep full accrual operating deficits in each of the past three years, with another material deficit anticipated for the fiscal year ending Aug. 31, 2024, and expectations for continued, though moderating, operating deficits through fiscal 2027. This recent trend of weak financial performance has led to the rapid deterioration of Columbia's financial resources and has materially weakened its liquidity," said S&P Global Ratings credit analyst Nicholas Fortin. "We believe a recent adjunct faculty strike has caused financial, strategic, and reputational damage that could disrupt the timely implementation of the college's strategic plan, making stabilizing enrollment and operations difficult over the two-year outlook period."

They have over 6,000 students. Their financial troubles are a bigger deal than some of these tiny colleges. They are doing ongoing layoffs.