Standard&Poor's Ratings Services revised its outlook to negative from stable on bonds issued for Moravian College, Pa. 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. 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, which have led to declining net tuition revenue and steadily declining operating results through fiscal 2013. Despite the enrollment and demand pressure, the adequate financial resource ratios compared with the rating category and lack of additional debt plans during the next two years support the current 'A-' rating. Management
