The credit ratings agency primarily cited the Ivy League institution’s “already thin operating performance” that could continue for several years.
Tuesday’s ruling called the state’s attempt to limit classroom discussion "a breathtaking assertion of power to ban unpopular ideas from public discourse."
A panel of three federal judges rejected Florida’s argument that the system unconstitutionally delegates “unchecked authority” to private agencies.
One analysis estimates that the policy could cost the 28-institution system $15 million a year in lost tuition and fee revenue.