Florence-Darlington Commission for Technical Education

• Issue Currency: United States of America Dollars
• Announcement Date: 31-Oct-2018
• News: S&P Global Ratings lowered its long-term rating on Florence-Darlington Commission for Technical Education, S.C.`s series 2014 special-fee revenue refunding bonds, issued for Florence-Darlington Technical College (FDTC or the college) to `BBB` from `A`. The outlook is negative. ""The multi-notch downgrade reflects significantly lower enrollment to about 2,600 full-time equivalent (FTE) from 4,000 historically, leading to full accrual deficits, which are expected to continue, and significant spend down of cash resulting in low liquidity,"" said S&P Global Ratings credit analyst Bobbi Gajwani. Enrollment decline reflects national trends at two-year colleges as well as over inflation of enrollment from non-paying dual enrollment students. While some of the cash spend was for mission critical projects, such as the new automotive center, other uses such as acquisition of the cosmetology building, which was being leased by the foundation, showed a lack of sound financial stewardship under the prior administration.

• Issue Currency: United States of America Dollars
• Announcement Date: 05-Nov-2018
• News: S&P Global Ratings lowered its long-term rating on Florence-Darlington Commission for Technical Education, S.C.`s series 2014 special-fee revenue refunding bonds, issued for Florence-Darlington Technical College (FDTC or the college) to `BBB` from `A`. The outlook is negative. ""The multi-notch downgrade reflects significantly lower enrollment to about 2,600 full-time equivalent (FTE) from 4,000 historically, leading to full accrual deficits, which are expected to continue, and significant spend down of cash resulting in low liquidity,"" said S&P Global Ratings credit analyst Bobbi Gajwani. Enrollment decline reflects national trends at two-year colleges as well as over inflation of enrollment from non-paying dual enrollment students. While some of the cash spend was for mission critical projects, such as the new automotive center, other uses such as acquisition of the cosmetology building, which was being leased by the foundation, showed a lack of sound financial stewardship under the prior administration.