NEW YORK (Standard&Poor's) Dec. 13, 2013--Standard&Poor's Ratings Services has revised its outlook to negative from stable and affirmed its 'A-' long-term rating on Northampton County General Purpose Authority, Pa.'s series 2013 and series 2012 college general revenue bonds, issued for Moravian College in Bethlehem, Pa. At the same time, Standard&Poor's affirmed its 'A-' issuer credit rating (ICR) on Moravian College. "The negative outlook reflects four years of enrollment declines at the college, which have resulted in declining net tuition revenue and steadily declining operating results through fiscal 2013," said Standard&Poor's credit analyst Charlene P. Butterfield. Despite the enrollment and demand pressure, the adequate financial resource ratios compared with the rating category and
