Credit rating agency unconvinced by Cardiff growth plans

Credit rating agency Moody’s has said Cardiff University is “unlikely to meet its targets” to grow its research income and is at risk from rising staff costs.

In its five-year strategy, published in January 2018, Cardiff set out plans to generate £200 million a year from research grants and contracts by 2023. The university also said in December 2018 that it was looking to cut 380 jobs by 2023 as part of its Transforming Cardiff programme and move from a deficit of almost £23 million in 2018 to a surplus from 2019-20.

But Moody’s—which provides ratings to guide investment decisions—said the university is likely to miss targets to grow its research income. The agency’s “negative outlook” for Cardiff means it may lower the rating it assigns the university, which currently stands at a low-risk Aa3.