According to this Business Week story, yes.
John Nelson, head of the higher education ratings group at Moody’s Investors Service (MCO), says that in 20 years as an analyst he’s never seen an institution like High Point. “It looks more like a growth company,” he says. Moody’s downgraded the university’s debt rating to junk status in 2009 as it ran up some $165 million in debt to become one of the most highly leveraged schools in the country. “The rate at which they borrowed and the aggressiveness of investment in facilities and marketing of the campus,” Nelson says, all set High Point apart.
HT: Daniel C.