The Standard&Poor's Underlying Rating (SPUR) on District of Columbia's bonds, issued for Gonzaga College High School, reflects the school's strong academic reputation and increasingly competitive demand offset by a significant debt undertaking, a high pro forma annual debt service burden, and modest debt liquidity. The bonds are expected to sell with backing of insurance from Financial Security Assurance, Inc. (FSA). Recently, Gonzaga's popularity has increased significantly as evidenced by: * An expanded applicant pool and more selective admissions. Gonzaga accepts around 50% of candidates, down from 70% as recently as fall 1995; * Stable matriculation rates of about 70%. Gonzaga remains a first choice school for most applicants; and * Growing enrollment-increased applicants and stable matriculations have resulted
