NEWARK — All of the construction cranes and ribbon cuttings at New Jersey Institute of Technology have some Wall Street analysts worried.

Financial analysts at Standard & Poor's downgraded NJIT's debt rating last week, citing concerns about the amount of money the public university is borrowing to construct new buildings.

The rating agency knocked down NJIT's rating one notch, from "A+" to "A". The school's financial outlook is stable, the analysts said.

The lower rating means it could cost the Newark university more when it borrows cash for construction and other projects. NJIT recently announced plans to build a $100 million "wellness and events center" to host conventions, basketball games and other campus gatherings.

NJIT's borrowing has been adding debt to "an already weak balance sheet," Standard & Poor's said in the rating announcement issued last week. Additional debt rating downgrades are possible.

"We could lower the rating further during the next two years if NJIT were to issue significant additional debt beyond the current debt issuance without commensurate financial resource growth, if operating performance were to deteriorate significantly, and if state appropriations were to decrease materially," said Standard & Poor's credit analyst Emily Avila.

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The rating agency is unlikely to boost NJIT's rating back up to an "A+" within the next two years, Avila said.

Standard & Poor's lower rating applies to NJIT's general obligation debt and $116.715 million in bonds issued for the university by the state's New Jersey Educational Facilities Authority.

Moody's, another Wall Street rating agency, recently reaffirmed its A1 (stable) rating for NJIT, university officials said.

NJIT officials said they are following the school's long-term plan and continuing to invest money into new construction and campus renovations.

"Despite strong demand and operating metrics Standard & Poor's moved NJIT, due to the large new debt to be issued by NJIT as an investment for critical facilities — which follows our strategic plan and improves the campus for NJIT students and our community," university officials said in a statement.

NJIT is one of New Jersey's three public research universities. The school recently completed several building projects on its downtown Newark campus, including the $80 million Warren Street Village.

The village includes a row of townhouses for the school's fraternities and a six-story residence hall for honors students.

The upgrades come as NJIT's enrollment continues to rise. Over the last decade, the university's enrollment has grown more than 30 percent to 10,646 students.

NJIT plans to move ahead with several more building projects.

"The next phase of capital projects includes the NJIT Wellness & Events Center and a new parking facility, after the recent completion of improvements to laboratories, residence halls, the Greek Village and the campus center. These investments are helping NJIT take care of students' holistic needs and also help bring revenue to the entire region," the university's statement said.

Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. Follow her on Twitter @KellyHeyboer. Find NJ.com on Facebook.d