S&P Global Ratings downgraded Ursinus College's credit rating by one notch, to 'BBB+' from 'A-', citing the Collegeville institution's plans to take on $23 million in additional debt this fall to build a facility for interdisciplinary academic programs.

Ursinus had $42.5 million in debt at the end of fiscal 2015. The additional debt means that the college will no longer meet S&P's criteria for the higher rating, S&P said.

The New York ratings agency also mentioned "weakened demand" and "continual enrollment uncertainty" in its downgrade, though it said the outlook was stable.

President Brock Blomberg said the Ursinus board was willing to risk a downgrade to "further our strategic vision."

"We are confident and optimistic about our path forward," he said.