The 'BBB-' rating reflects Utica's resilient operating cash flow, despite a softer-than-anticipated enrollment base in the current and prior academic year during the pandemic. Utica faced a 6.7% decline and 8% decline in total headcount in fall 2020 and fall 2021, respectively. This has been absorbed operationally due in part to expense controls and federal stimulus support. Fiscal 2021 results reflected a 3.6% operating surplus, supported by Utica's expense management given enrollment and net tuition declines, as well as institutional federal stimulus.
https://www.fitchratings.com/research/us-public-finance/fitch-affirms-utica-college-ny-revs-at-bbb-outlook-stable-09-11-2021