Standard&Poor's Ratings Services assigned its 'A-' long-term rating to the Northampton County General Purpose Authority, Pa.'s series 2012 college revenue bonds issued on behalf of Moravian College (MC or Moravian), located in Bethlehem, Pa. Standard&Poor's also affirmed its 'A-' issuer credit rating on the college. The outlook is stable. The 'A-' rating reflects Moravian's historically positive operating performance and solid financial resource ratios despite recent declines in enrollment. These factors are somewhat tempered by a high pro forma maximum annual debt service (MADS) burden that is directly attributable to a $4.1 million balloon payment due in fiscal 2016. Since 89% of the college's revenue is derived from student-related charges, weakening student demand trends and rising tuition
