The rating on Northampton Higher Education Authority bonds issued for Moravian College reflects: * Strong management team and improved financial operations. Since 1992, management has strengthened financial operations after several years of weak trends. In fiscal 1993 the college reported a $1.3 million surplus and eliminated a $862,000 unrestricted current fund balance. In fiscal 1994, Moravian generated a $1.5 million operating surplus (5.5% of budget), with the institutions unrestricted current fund balance stable at 0.7% of expenditures and mandatory transfers. * Solid student quality. Student quality as measured by SAT scores is consistently strong. SAT scores of incoming freshmen increased in fall 1994, ranging from 910-1140 compared with 920-1110 in fall 1993. * Good financial cushion. Moravian's $31 million endowment
