Florida Higher Educational Facilities Financing Authority Ringling College Of Art And Design; Private Coll/Univ - General Obligation

S&P Global Ratings assessed its long-term rating on the Florida Higher Educational Facilities Financing Authority's series 2017 educational facility revenue and refunding bonds, issued for Ringling College of Art And Design Inc. (RCAD). The rating is 'BBB+' with a stable outlook. We assessed RCAD's enterprise profile as very strong characterized by increasing demand, moderate selectivity and matriculation as well as strengthening retention and six-year graduation rates. We assessed RCAD's financial profile as adequate, with consistently positive operating performance despite relatively high student dependence and above-average debt burden. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a-'. In our opinion, the 'BBB+' rating on the college's bonds reflects RCAD's status as a specialty school as

...S&P Global Ratings assessed its long-term rating on the Florida Higher Educational Facilities Financing Authority's series 2017 educational facility revenue and refunding bonds, issued for Ringling College of Art And Design Inc. (RCAD). The rating is '###+' with a stable outlook. We assessed RCAD's enterprise profile as very strong characterized by increasing demand, moderate selectivity and matriculation as well as strengthening retention and six-year graduation rates. We assessed RCAD's financial profile as adequate, with consistently positive operating performance despite relatively high student dependence and above-average debt burden. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a-'. In our opinion, the '###+' rating on the college's bonds reflects RCAD's status as a specialty school as well as its declining available resources relative to debt and high debt burden. We understand that the college has approximately $67.9 million available...

Full Report