...S&P Global Rating Services assigned its '###' long-term rating to Salt Lake County, Utah's $12.8 million series 2017 college revenue refunding bonds issued for Westminster College. In addition, we affirmed our '###' long-term ratings on Salt Lake County's series 2007 and 2015 bonds, also issued for Westminster College. The outlook is stable. We assessed Westminster's enterprise profile as adequate, characterized by five successive years of declining enrollment that has led to weakened operating results over the past three years. The enterprise profile also reflects our view of the college's solid retention rates and slightly improved selectivity rates. We assessed its financial profile as adequate with weak operations, but recognize its low to moderate 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...
