Standard&Poor's Ratings Services has lowered its rating on Northampton County General Purpose Authority, Pa.'s series 2012 and series 2013 college general revenue bonds, issued for Moravian College, to 'BBB+' from 'A-'. At the same time, Standard&Poor's lowered its issuer credit rating on Moravian College to 'BBB+' from 'A-'. The outlook is stable. We base the downgrade on Moravian's plans to issue approximately $27 million in additional debt in the next three months. This, along with $6 million in bank debt that the college incurred in fiscal 2016, increases Moravian's debt substantially, making its financial resources more in line with those of 'BBB+' peers. The 'BBB+' rating reflects our view of the college's high reliance on student-generated
