NEW YORK (Standard&Poor's CreditWire) April 3, 2000--Standard&Poor's today revised its outlook on New Jersey Educational Facilities Authority's $36.82 million revenue bonds, issued for Saint Peter's College, to negative from stable. In addition, Standard&Poor's affirmed its triple-'B' rating on the bonds. The outlook revision reflects: -- Weakened operating performance in fiscal 1999 and budgeted operating deficits for several more years; and -- A challenging demand environment characterized by recent decreases in full-time undergraduates and freshman applicants, limited geographic draw, and continued area competition. Factors that continue to support the rating include: -- A healthy matriculation rate averaging 40% for over the past four years; -- Adequate operating and debt liquidity levels, although the debt burden
