S&P Global Ratings affirmed its'BBB-'long-term rating on Salt Lake County and Salt Lake City , Utah's series 2015 and 2017 bonds, issued for Westminster University . The outlook is negative. The university had approximately $38.3 million of debt outstanding at the end of fiscal 2026, including $9.1 million of the series 2015 and series 2017 bonds, $13.2 million in a capital lease related to a residence hall and $16 million outstanding on a line of credit with Zions Bank. However, after the end of fiscal 2026 the university borrowed about $5.8 million from the endowment, which we have included in our analysis, resulting in the total pro forma debt of $44.0 million outstanding. The university's bonds are all
