...S&P Global Ratings affirmed its '###+' rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds, issued for Moravian College. S&P Global Ratings also affirmed its '###+' issuer credit rating on the college. The outlook is stable. We assessed Moravian's enterprise profile as strong, with continued growth in enrollment for a fourth consecutive year while in a high-competition market. We assessed Moravian's financial profile as adequate, with declining, though still positive, operating margins; growth in net tuition revenue for a third consecutive year; and a decreasing maximum annual debt service (MADS) burden. Combined, we believe these credit factors lead to an indicative standalone credit profile of '###+' and a long-term rating of '###+'. More specifically, the '###+' ratings reflect our assessment of Moravian's:...
