...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 '###' from '###+'. 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 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 surplus for fiscal 2020 with expectation of at least breakeven performance for fiscal 2021. Additionally, in our opinion, the college's debt burden as measured by maximum annual debt service (MADS) as a percent of operating expenses remains high compared with peers. The stable outlook reflects our expectation...
