Northern Wyoming Community College District Series 2013A Revenue Bonds Placed On CreditWatch Negative


SAN FRANCISCO (S&P Global Ratings) Feb. 1, 2019--S&P Global Ratings placed its 
'A+' long-term rating on Northern Wyoming Community College District (NWCCD), 
Wyo.'s series 2013A capital facilities revenue bonds on CreditWatch with 
negative implications. 

"The CreditWatch action reflects lack of timely information of satisfactory 
quality to maintain our rating on the securities in accordance with our 
applicable criteria and policies," said S&P Global Ratings credit analyst 
Robert Tu. 

Based on our review of the district's publicly available fiscal 2017 and 
fiscal 2018 audits, we have noticed a trend of weakened financial metrics, in 
particular negative adjusted unrestricted net assets for the past two fiscal 
years resulting in ratios we would consider weak for the rating. At the time 
of publishing, we have not had a call with management nor have we received 
pertinent follow up, which we view as necessary to calculate several key 
rating factors and understand the context of the weakened trends. In addition, 
we require further information on the district's sources of liquidity and 
related documents associated with the additional direct purchase debt the 
district entered into subsequent to fiscal year end 2018. The rating is 
currently supported by the district's history of steady full time equivalent 
(FTE) enrollment, track record of positive operations and strong support it 
receives from its affiliated foundations. 

We anticipate speaking to management and receiving the required information 
within the next 30 days. We could lower the rating, potentially by multiple 
notches, if upon further review, the college's weak financial resources are 
likely to be sustained, there is enhanced contingent liquidity risk exposure 
without a sufficient source of liquidity, or recent enrollment trends indicate 
pressure. 

If we are unable to hold a management call in a timely manner, or receive the 
required documentation within a reasonable timeframe to allow us to resolve 
the CreditWatch action within the next 90 days, we will likely withdraw the 
affected rating. This will be preceded, in accordance with our policies, by 
any change to the rating that we consider appropriate, based on available 
information.
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