...S&P Global Ratings has lowered its rating on Missouri Southern State University's (MSSU) existing auxiliary enterprise system revenue bonds to '###' from '###+'. At the same time, S&P Global Ratings assigned its '###' long-term rating to MSSU's series 2019 auxiliary enterprise system revenue bonds. The outlook, where applicable, is negative. The downgrade reflects our opinion of recent enrollment declines, which have persisted through fall 2019 as the university welcomed one of its smallest freshmen classes, along with weakening demand metrics such as selectivity and matriculation. In addition, the university has sustained operating deficits for the past few fiscal years, including 2019, and expects to continue to generate full accrual deficits for the next few years as it works through its strategic initiatives to reverse these trends. We also recognize that although available resources have grown over the past two years, the issuances of additional new money debt is leading to a weaker...
