The Standard&Poor's underlying rating (SPUR) on Connecticut Health and Educational Facilities Authority's bonds, issued for Fairfield University, reflects an improving financial condition and a modestly improving demand profile. Offsetting factors include: High debt, Dependence on student-generated fees for a high 86% of revenues, and A low matriculation rate of 21%. The bonds are secured by the general obligation of the university. Enrollment has risen steadily, with growth in both graduate and undergraduate programs. Total full-time equivalent enrollment rose 19.3% since fall 1993 to 3,972 in fall 1999. Freshman applications have grown rapidly, by 35% from fall 1994 to fall 1999, including a big 15% jump for fall 1999. The larger applicant pool allowed the university to reduce the
