Summary: Westminster College, Utah Salt Lake City; Private Coll/Univ - General Obligation

S&P Global Rating Services affirmed its 'BBB' long-term ratings on Salt Lake County and Salt Lake City, Utah's series 2015 and 2017 bonds, issued for Westminster College. The outlook is negative. The negative outlook reflects our view of the college's continued demand pressures, with significant enrollment declines during the past several years, which could result in continued substantial operating deficits. In our view, Westminster's solid balance sheet metrics provide some cushion at the current rating, although failure to grow the incoming class size and improve its operating performance in the near term could result in a lower rating. The college had $34.1 million of debt at the end of fiscal 2020, including the series 2015 and series 2017 bonds as

...S&P Global Rating Services affirmed its '###' long-term ratings on Salt Lake County and Salt Lake City, Utah's series 2015 and 2017 bonds, issued for Westminster College. The outlook is negative. The negative outlook reflects our view of the college's continued demand pressures, with significant enrollment declines during the past several years, which could result in continued substantial operating deficits. In our view, Westminster's solid balance sheet metrics provide some cushion at the current rating, although failure to grow the incoming class size and improve its operating performance in the near term could result in a lower rating. The college had $34.1 million of debt at the end of fiscal 2020, including the series 2015 and series 2017 bonds as well as $14.7 million in a capital lease agreement related to a residence hall. The college's bonds are 100% fixed rate and are a general obligation of the college. Westminster does not have any outstanding operating lease obligations. Maximum...

Summary