S&P Global Ratings lowered its long-term rating to ‘BBB-‘ from'BBB’ on the Florida Higher Educational Facilities Financing Authority's general obligation (GO) bonds issued for Ringling College of Art and Design (RCAD). The outlook is stable. The downgrade reflects Ringling’s trend of decreasing enrollment, which continued in fall 2026 and is expected to continue in fall 2027 and has led to decreasing net tuition revenue and negative operations. Securing the bonds is a general obligation of the college. As of May 31, 2026, total debt outstanding was $139 million, including $126 million in GO bonds, $9.4 million in series 2009 and 2014 direct-purchase debt, and one bank loan totaling $3.3 million. The college's debt service schedule is mostly flat, with
