S&P Global Ratings affirmed its 'BBB' long-term rating on the Florida Higher Educational Facilities Financing Authority's bonds issued for Ringling College of Art and Design (RCAD). The outlook is stable. As of fiscal 2023, total debt outstanding was $149.33 million including $16.7 million in direct-purchase debt and one bank loan totaling $4.2 million. We understand that the college has approximately $64 million available in monthly liquidity to address contingent liability risk exposures associated with its series 2009 and 2014 direct-purchase debt. Securing the bonds is a general obligation (GO) of the college. The college is evaluating the timing and sizing of two potential buildings, a residential housing facility and an academic/administrative facility. It's also currently finalizing design, program, and construction
