Moody’s projected a negative outlook for higher education, citing federal policy risk, rising costs, regulatory changes and lost grant funding that could pressure institutional creditworthiness. The warning comes as England’s Office for Students told MPs that up to 50 higher education providers are at risk of exiting the market within two to three years, with 24 judged more immediate insolvency risks. OfS’ assessment followed a sector‑wide OfS forecast that three‑quarters of UK universities could run deficits next year; regulators said many smaller and specialist providers face acute liquidity pressures and programme viability concerns. The twin signals from rating agencies and national regulators raise immediate governance questions for boards, who must consider contingency planning, merger options, and program rationalization while managing reputational and student‑outcome risks.