The elite college's rating was lowered to AA+, which means it still has a strong capacity to meet its financial obligations, according to Standard & Poor's.
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A year ago, the notion that Smith College -- with a $1 billion endowment, high student demand, and frequently cited educational quality -- was raising existential questions, particularly about its economic model, seemed a fairly radical notion.
For Bill Zandi, the son of Moody's Analytics Chief Economist Mark Zandi, enrolling as a student at a prestigious private institution like Wake Forest University was less surprising than the student's choice of major: philosophy.