| Abstract: | The rating on Santa Fe, N.M.'s bonds, issued for St. John's College Santa Fe Campus, reflects the college's: Small enrollment, Poor attrition rates, High tuition discount rates, and High dependence on student-generated fees. An investment grade rating is warranted, however, given: Adequate selectivity and demand flexibility, Good financial performance and liquidity levels, and A manageable debt burden. The bonds are secured by the college's GO pledge. St. John's College is a four-year liberal arts college with two campuses located in Santa Fe, N.M. and Annapolis, Md. (GO debt rated 'BBB+'). The college is nationally known for its "great books" curriculum and classes with fewer than 21 students. Although the campuses share a common curriculum, each campus has its own president
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