...S&P Global Ratings' long-term rating on Yonkers Industrial Development Agency, and Westchester County Local Development Corp., N.Y.'s debt issued for Sarah Lawrence College (SLC) is '###'. The outlook is stable. We assessed the college's enterprise profile as strong characterized by solid selectivity, stable retention rates, and good student quality for the rating, though matriculation remains average. We assessed the college's financial profile as adequate with sustained operating deficits, offset by a low debt burden and moderate available resources relative to debt. Combined, we believe these credit factors lead to an indicative stand-alone credit profile of '###,' and a final rating of '###.' The rating reflects our assessment of the college's following weaknesses: + Persistent full accrual deficits for the past decade that are expected to continue over the outlook period; + High endowment draws of 6% with additional draws outside the policy primarily for operating needs, though reliance...
