CHICAGO (S&P Global Ratings) Jan. 22, 2021--S&P Global Ratings has lowered its long-term rating on the Florida Higher Educational Facilities Financing Authority's bonds issued for Ringling College of Art and Design Inc. (RCAD), to 'BBB' from 'BBB+'. The outlook is stable. "The lower rating reflects the overall weakening in the college's enterprise profile with decline in both enrollment and applications in fall 2020, which is also expected to continue for fall 2021," said S&P Global credit analyst Gauri Gupta. "This is coupled with the college's supplemental endowment draws to support operations of the museum campus and weakening balance sheet ratios since our last review." However, we recognize the college has continued to generate positive operating performance albeit with more modest
