The rating on New Jersey Educational Facilities Authority's bonds, issued for Princeton University reflects: Stable enrollment trends and highly selective admissions; Very prestigious academic reputation; Considerable financial flexibility afforded by a diverse revenue stream, and substantial liquidity; and Growing, but manageable, debt burden. Bonds are secured by Princeton's GO pledge and will be used to provide long-term financing for several capital projects including a stadium, a dormitory, and academic buildings. The outlook is predicated on the expectation that Princeton will continue to exhibit the exceptional demand and financial features that have made it one of the nation's most competitive institutions of higher education. Princeton's debt stance has modified from a relatively conservative financing approach to a somewhat more aggressive one,
