Moody’s lowered Columbia University’s outlook to negative, citing federal pressure on the Ivy League institution and uncertainty around international enrollment. The credit-rating change increases financial-market focus on how federal actions and student-demand volatility could affect net tuition revenue. Because Columbia operates large research and capital programs, an adverse outlook can increase scrutiny of liquidity planning, debt affordability, and the stability of enrollment pipelines—especially international recruitment. For university leaders, the move signals that higher education risk is increasingly being priced through a combination of policy and enrollment exposure, not just operating budgets.