...S&P Global Ratings' issuer credit rating on Moravian College, Pa., is '###+'. Its long-term rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds, issued for Moravian College, is '###+'. The outlook is stable. We assessed Moravian's enterprise profile as strong, with improved matriculation, and continued growth in enrollment for a fifth consecutive year while in a highly competitive market. We assessed Moravian's financial profile as adequate, with growth in net tuition revenue for a fourth consecutive year, and relative stability in available resources offset by weakening operating results. We believe these credit factors lead to an indicative stand-alone credit profile of '###+' and a long-term rating of '###+'. More specifically, the '###+' ratings reflect our assessment of Moravian's: + High dependence on student-generated revenue, which accounted for nearly 90% of fiscal 2018 revenue; + Negative full-accrual operating...
