The rating on Connecticut Health&Education Facilities Authority's bonds, issued for Fairfield University, reflects: Improving financial condition, highlighted by recent fundraising success, moderate surpluses and investment gains, contributing to rising liquidity and endowment levels; and Modestly improving demand profile characterized by increasing selectivity and a broader geographic draw. Offsetting factors include: A high debt level, primarily as a result of this issue, resulting in below-average liquidity relative to debt and a high debt burden; Dependence on student generated fees for a high 86% of revenues, and A low but stable matriculation rate of 24% indicating that Fairfield University is generally not a first choice school. The bonds are secured by the general obligation of the university. Enrollment has risen
