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

S&P Global Ratings affirmed its 'BBB' long-term rating on the Florida Higher Educational Facilities Financing Authority's bonds issued for Ringling College of Art and Design Inc. (RCAD). The outlook is stable. Total debt outstanding is approximately $156 million as of May 31, 2021, including $21.3 million in direct-purchase debt and one bank loan totaling $4.7 million. We understand that the college has approximately $64.8 million available in monthly liquidity to address contingent liability risk exposures associated with its series 2009 and 2014 direct-purchase debt. Securing the bonds is a general obligation (GO) of the college. The college has no additional debt plans in the outlook period. The college adopted a hybrid approach during the COVID-19 pandemic that includes both online

...S&P Global Ratings affirmed its '###' long-term rating on the Florida Higher Educational Facilities Financing Authority's bonds issued for Ringling College of Art and Design Inc. (RCAD). The outlook is stable. Total debt outstanding is approximately $156 million as of May 31, 2021, including $21.3 million in direct-purchase debt and one bank loan totaling $4.7 million. We understand that the college has approximately $64.8 million available in monthly liquidity to address contingent liability risk exposures associated with its series 2009 and 2014 direct-purchase debt. Securing the bonds is a general obligation (GO) of the college. The college has no additional debt plans in the outlook period. The college adopted a hybrid approach during the COVID-19 pandemic that includes both online and in-person courses for fall 2020 and spring 2021 semesters. For fall 2021-spring 2022, the college continued to monitor COVID-19 cases and initiated a measured increase to in-person classes, with the majority...

Summary