Fleeing donors and leadership shakeups at elite US colleges like Harvard University and the University of Pennsylvania are elevating risks for tens of billions of highly-rated debt, according to Bloomberg Intelligence.

Bloomberg Intelligence strategists Joel Levington and Michael Doto are warning bond investors and credit ratings companies to consider rethinking their “laissez-faire” attitude toward university debt after a Congressional antisemitism probe and other scandals have upended campuses, according to a research note published on Wednesday.

The pullback of major donors, a potential loss of the tax-exempt status, declines in applications and management upheaval may impact university finances and endowments, Levington said. Endowments also provide liquidity for these schools, part of what raters look at when grading college debt, he added.