Standard&Poor's Ratings Services assigned its 'A-' issuer credit rating to Moravian College. The rating reflects the general creditworthiness of Moravian College as well as the following factors: Good level of liquidity with fiscal 2007 expendable resources of $59 million equal to 96% of operating expenses and 104 % of pro forma debt (including off-balance-sheet housing; Stable full-time equivalent (FTE) enrollment; History of balanced operations on a cash basis; and Self-supporting nature of the housing project coupled with limited additional debt plans. Offsetting factors include: Almost doubling of debt to $57 million from $32 million, resulting from a recent off-balance-sheet housing project; and Mixed operating performance with some deficits, based on generally accepted principles (GAAP) basis. Located in Bethlehem,
