Moody's Ratings revised the outlook on Texas Biomedical Research Institute's Baa2 rating to negative from stable. Bloomberg NewsMoody's Ratings revised the outlook on Texas Biomedical Research Institute's Baa2 rating to negative from stable on Monday, citing its reduced liquidity and dependence on federal grants. "The outlook also considers a continued uncertain operating environment for the institute, which derives roughly 84% of its grant and contract revenue from federal government agencies," Moody's added. "Our investments in new research facilities are deliberate and forward-looking and we remain confident in our long-term stability," he said. "These projects are designed to expand important research partnerships and diversify revenues."