The rating on the District of Columbia, issued for the Catholic University of America, reflects: * The university's niche position as the only Catholic University established by the Bishops in America and chartered by Rome; * Diverse program offerings, including doctoral programs and professional schools; * A new president who brings renewed focus and energy to the institution; * Recent demand growth due to focused and targeted recruitment efforts; and * Good liquidity. The rating also considers two years of operation losses, which have been addressed as the university has demonstrated strong fiscal constraints and conservative budgeting that are expected to return the university to positive operations in fiscal 2000 and beyond. Bond proceeds (about $40 million) will refund the
