Fitch Ratings has downgraded ­Wartburg College’s Series 2005A private facility revenue bonds to BB from BBB-minus with a negative outlook due to a weakened financial profile. The bonds were sold in 2005 through the Iowa Higher Education Loan Authority.

“The rating downgrade reflects a substantially weakened credit profile characterized by volatile operating margins which are becoming increasingly negative and more recent declines in available funds due to financial market turbulence,” analysts wrote.

The school’s financial profile has suffered due to market losses on investments providing poor coverage of its debt and operations. The school had $85 million of debt and $50 million of operating expenses in fiscal 2009.

Wartburg — a private four-year college located in Waverly — has an enrollment of 1,799 and serves predominantly in-state undergraduate students.

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