Fitch Ratings this week downgraded $19.5 million of facility revenue bonds issued by Midland Lutheran College to BB from BB-plus.

The downgrade reflects the private college’s decline in enrollment, ongoing operating deficits, draws on its endowments, and high debt burden, Fitch said. “Should the college fail to stimulate a reversal of current trends over the near term, additional downward rating action may be considered,” analysts wrote.

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