NY -- Standard&Poor's CreditWire 3/26/98 – Standard&Poor's today assigned its triple-`B' rating to New Jersey Educational Facilities Authority's $35 million revenue and refunding bonds series 1998B and C dated April 1, 1998 due July 1, 2027, issued for St. Peter's College. At the same time, Standard&Poor's lowered its rating on the authority's outstanding refunding bonds series 1977A and 1992B to triple-`B' from triple-`B'-plus. The rating downgrade is due to: -- A high debt burden at 8.6% of expenditures as a result of this debt issuance, with future additional debt likely; -- A low level of unrestricted resources not commensurate with a triple-`B'-plus rating; and -- Limited resources and a lack of a fund-raising track
