S&P Global Ratings affirmed its 'BBB-' long-term rating on Salt Lake County and Salt Lake City, Utah's series 2015 and 2017 bonds, issued for Westminster University. The outlook is stable. The university had approximately $28.9 million of debt outstanding at the end of fiscal 2023, including the series 2015 and series 2017 bonds as well as $14.3 million in a finance lease related to a residence hall. The university's bonds are all fixed rate and are a general obligation of the university. Westminster does not have any outstanding operating lease obligations. Maximum annual debt service (MADS) is approximately $4.3 million, equivalent to 5.4% of fiscal 2023 total adjusted operating expense, which we consider a moderate MADS burden. The university has
