Salt Lake City Westminster College; Private Coll/Univ - General Obligation

S&P Global Rating Services affirmed its 'BBB' long-term rating on Westminster College, Utah's series 2005, 2007, and 2015 bonds. The outlook is stable. We assessed Westminster's enterprise profile as adequate, characterized by declining enrollment that has weakened operating results in recent years. The enterprise profile also reflects our view of the college's solid retention rates and improved selectivity rates. We assessed its financial profile as adequate with weak operations, but recognize its low debt levels and its moderate, but improving available resources. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'bbb' and a long-term rating of 'BBB'. Although we view the college's efforts to control expenses and mitigate the effect of enrollment declines positively,

...S&P Global Rating Services affirmed its '###' long-term rating on Westminster College, Utah's series 2005, 2007, and 2015 bonds. The outlook is stable. We assessed Westminster's enterprise profile as adequate, characterized by declining enrollment that has weakened operating results in recent years. The enterprise profile also reflects our view of the college's solid retention rates and improved selectivity rates. We assessed its financial profile as adequate with weak operations, but recognize its low debt levels and its moderate, but improving available resources. 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 effect of enrollment declines positively, the rating could be pressured if it is unable to stabilize the enrollment picture given its high reliance on student-generated charges (accounting for 89% of adjusted operating...

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