...Standard & Poor's Ratings Services assigned its '###' long-term rating to Salt Lake City, Utah's series 2015 revenue refunding bonds, issued on behalf of Westminster College. At the same time, Standard & Poor's affirmed its '###' long-term rating on debt previously issued on behalf of the college. The outlook is stable. The '###' rating reflects our view of the college's adequate resources and moderate debt burden relative to its peers. The college has also historically demonstrated steady demand and balanced operations. However, declines in enrollment caused a slight deficit on a full-accrual basis in fiscal 2014 as a result of the college's highly student-dependent revenue structure. Although we anticipate that the college's enrollment and operations will continue facing pressures for the next few years, we take a positive view of the management's efforts to control expenses and mitigate the effect of enrollmentThe '###' rating further reflects our view of the college's:...
