...S&P Global Rating Services affirmed its '###' long-term ratings on Salt Lake County's series 2007, 2015, and 2017 bonds issued for Westminster College. The outlook is stable. We assessed Westminster's enterprise profile as adequate, characterized by strong selectivity and retention. Relatively solid demand characteristics are somewhat offset by five successive years of declining enrollment that has led to pressured net tuition revenue over the past three years. We also assessed the college's financial profile as adequate characterized by weak operations and pressured net tuition revenue. However, we do recognize its low debt level and sufficient available resources for the rating category. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of '###' and a long-term rating of '###'. Although we view the college's efforts to control expenses and mitigate the adverse impact of enrollment declines positively, the rating will likely be pressured if it is...
