The rating upgrade on Connecticut Health and Educational Facilities Authority's bonds, issued for Wesleyan University, is based on strong debt ratios and low debt. The university has not issued long-term debt in 10 years and expendable resources ($403.3 million) cover outstanding debt 8.4 times (x). Other rating factors include: * Excellent demand flexibility, * Above-average student quality, and * Strong operating liquidity and endowment. Wesleyan University is an independent, liberal arts institution 15 miles south of Hartford, in Middletown, Conn. For the past several years, Wesleyan has maintained a full-time undergraduate enrollment of about 2,700, constituting a high 93% of the student body. Freshmen applications peaked at 6,100 last year and dropped 4% this year, but the acceptance rate has
