...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 stable. We assessed Westminster's enterprise profile as adequate, characterized by strong selectivity and retention. Relatively solid demand characteristics are somewhat offset by seven successive years of declining enrollment that has led to pressured net tuition revenue and operating performance. We also assessed the college's financial profile as adequate, characterized by weak operations, pressured net tuition revenue, and an increasing tuition discount rate. However, we do recognize its low debt level and sufficient available resources for the rating. Although we view the college's efforts to control expenses and mitigate the adverse effect of enrollment declines positively, the rating will likely be pressured if it is unable to continue minimizing enrollment decreases, given its high reliance on student-generated...
