...S&P Global Ratings lowered its long-term rating on Missouri Southern State University's (MSSU) auxiliary enterprise system revenue bonds to '###+' from 'A-'. We lowered the rating based on the application of the "Not-for-Profit Public and Private Colleges and Universities Methodology," published on Jan. 6, 2016, and as a result of declining available resources ratios that we believe are consistent with a lower rating. The outlook for all ratings is stable. We assessed MSSU's enterprise profile as adequate characterized by stable retention, and rebounding enrollment following a devastating tornado in May 2011, offset by what we consider weak graduation rates and limited fundraising history. We assessed MSSU's financial profile as adequate characterized by persistent full-accrual operating deficits that have diminished in fiscal 2015, and low available resources ratios for the rating category, offset by a manageable debt burden and consistent state support that we expect to increase during...
