Moody’s Ratings lowered the credit outlook for Brown University to negative on Thursday, primarily citing “already thin operating performance” that could continue for several years. The credit ratings agency pointed to the Rhode Island university’s high debt levels and to large lump sum payments it owes in the future. Together, these could throttle Brown’s future borrowing ability if it doesn’t see “significantly improved operating performance,” Moody’s said. Brown’s outlook hinges on the ability of its leaders to improve the Ivy League institution’s operating performance, according to the credit ratings agency. Although Moody’s reaffirmed Brown’s high credit rating, it said an inability to improve its margins by fiscal 2028 could result in “downward rating pressure.”