Standard & Poor's Ratings Services said it downgraded its long term rating to BB-plus from BBB-minus on the County Commission of Brooke County, W.Va.'s series 2011A and 2011B revenue bonds, issued for Bethany College.
The outlook is stable.
"The lowered rating reflects our view of the college's significant decline in net tuition revenue in fiscal 2014 as well as multiple years of operating deficits with similar results expected in the future," said Standard & Poor's credit analyst Jessica Matsumori. "The ongoing deficits have weakened financial resource ratios to levels more consistent with a lower rating."
Bethany College is a private, nonprofit corporation organized in West Virginia, affiliated with the Christian Church (Disciples of Christ). The college, founded in 1840, is West Virginia's oldest college. Bethany's 1,300-acre campus is near the panhandle of West Virginia in the foothills of the Allegheny Mountains.
