The rating on Connecticut Health and Education Facilities Authority's bonds, issued for Quinnipiac College, reflects the college's high tuition dependence and low levels of operating and debt liquidity. In addition, Quinnipiac exists in a very competitive market as indicated by a growing financial aid burden and low matriculation rates. Offsetting factors include continued enrollment growth, consistent surplus generation, and legal restrictions on the series D debt that require the build-up of reserve balances. Located in Hamden, Conn., Quinnipiac College currently enrolls 5,571 students, an increase of over 60% since 1990, largely reflecting the acquisition of the University of Bridgeport Law School in March 1992 (781 students in fall 1997). In part due to the addition of the law school and
