Summary: Ringling College of Art and Design, Florida Florida Higher Educational Facilities Financing Authority; Private Coll/Univ - General Obligation

S&P Global Ratings has assigned its 'BBB+' rating to Florida Higher Educational Facilities Financing Authority's series 2019 educational facilities revenue bonds, issued for Ringling College of Art And Design Inc. (RCAD). At the same time, we have affirmed our 'BBB+' on the series 2017 educational facilities revenue and refunding bonds. The outlook is stable. We assessed RCAD's enterprise profile as very strong characterized by increasing demand, moderate selectivity and matriculation as well as solid retention and six-year graduation rates. We assessed RCAD's financial profile as adequate, with consistently positive operating performance despite relatively high student dependence and above-average pro-forma debt burden. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a-'. As our criteria indicate,

...S&P Global Ratings has assigned its '###+' rating to Florida Higher Educational Facilities Financing Authority's series 2019 educational facilities revenue bonds, issued for Ringling College of Art And Design Inc. (RCAD). At the same time, we have affirmed our '###+' on the series 2017 educational facilities revenue and refunding bonds. The outlook is stable. We assessed RCAD's enterprise profile as very strong characterized by increasing demand, moderate selectivity and matriculation as well as solid retention and six-year graduation rates. We assessed RCAD's financial profile as adequate, with consistently positive operating performance despite relatively high student dependence and above-average pro-forma debt burden. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of 'a-'. As our criteria indicate, the final rating can be within one notch of the indicative credit level. In our opinion, the '###+' long-term rating better reflects RCAD's status...

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