The University of Cambridge has retained its triple A credit rating despite victory for the Leave campaign in last month’s referendum. In the build-up to the vote on Britain’s membership of the EU, multiple figures had warned of dire financial consequences for the university.

However, eight UK universities have seen their credit status downgraded as a result of the impending Brexit.

The credit ratings agency, Moody’s said that Cambridge’s retention of its prime rating, as well as its stable outlook, reflects the university’s “extraordinarily strong market position, higher revenue diversification, significant liquid assets, strong governance structure and low debt levels”.

They went on to say that Cambridge was “not as exposed to the risks from the vote to leave the European Union … as its rated peers”.

Cardiff, De Montfort, Keele, Leeds, Liverpool, and Manchester universities have all had their outlook downgraded by Moody’s from stable to negative, though their current credit ratings have been affirmed for the moment.

Elsewhere, S&P Global Ratings have downgraded their ratings for King’s College London and the University of Sheffield, the latter losing its high grade status after slipping from a double A rating to an A+. However, both have retained their pre-Brexit outlooks.   

The downgrades come amid worries about what the impact checks on free movements will have for the recruitment of staff and students alike, as well as concerns over the loss of EU research funding. Lower ratings and outlooks could mean higher borrowing costs for the affected institutions.

In the run-up to the EU referendum, Cambridge Vice-Chancellor Leszek Borysiewicz was among nearly 100 British university leaders who signed a letter to The Independent, which claimed Brexit “would impoverish our campuses.”

The letter also said: “EU membership supports British universities to attract the brightest and best minds from across Europe, enhancing university research and teaching and contributing to economic growth.”

Lord Bilimoria, chancellor of the University of Birmingham and Sidney Sussex College alum, said: “Higher education is the jewel in the crown of Britain and will be damaged by this wretched referendum.”

“We’re going to lose out hugely – Cambridge would lose about £100 million a year in research funding and Oxford about £70 million. It’s going to be catastrophic for university finances.”

Prior to the referendum on 23rd June, Cambridge computer scientist Professor Ross Anderson also estimated that the university could stand to lose around £100 million a year, highlighting the loss of direct research funding from the EU, which has nearly doubled since 2008.

In a letter to Cambridge News, Professor Anderson warned that leaving the EU could be three times more damaging to the university as the 2008 financial crisis.

However, a Budget Report published in the Cambridge University Reporter in May had said: “It is not possible, at this point, to do more than speculate about what an exit from the European Union might mean for the economy in general, and for the higher education sector in particular.”