Ringling College GO rating downgraded to BBB-minus by S&P
Rich Saskal
The general obligation bond rating of Ringling College of Art and Design, based in Florida, was downgraded to BBB-minus from BBB Thursday by S&P Global Ratings.
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The outlook remains stable.
S&P cited declining enrollment at the school and projections that the decline will continue through fall 2027. Full-time equivalent enrollment was 1,712 in the fiscal year that ended May 31, 2024, 1,654 in the fiscal year ended May 31, 2025, and 1,525 in the fiscal year that ended this May 31.
The school has also had full-accrual operating deficits in fiscal years 2025 and 2026. It has a high maximum annual debt service burden and weak financial resource ratios compared with those of peers, S&P said.
However, the school has solid matriculation, retention, graduation rates and good geographic diversity, S&P said. The school has a low tuition discount rate, low average age of plant and sufficient liquidity.
While all the factors might normally lead to a BBB rating, S&P lowered the rating by a notch because the school is a specialty school for visual arts and design.
Its S&P rated debt was issued through the Florida Higher Educational Facilities Financing Authority.
Nonprofit
Ringling College is based in Sarasota and offers 11 majors offering a bachelor of fine arts degree and two majors that offer a bachelor of arts degree. It also offers continuing education classes.
