Standard&Poor's Ratings Services has affirmed its 'A-' rating on Northampton County General Purpose Authority, Pa.'s series 2013 and series 2012 college general revenue bonds, issued for Moravian College. At the same time, Standard&Poor's affirmed its 'A-' issuer credit rating (ICR) on Moravian College. The outlook is negative. The ratings reflect our view of four years of enrollment declines, which have led to declining net tuition revenue and steadily declining operating results through fiscal 2014. The college's high reliance on student-generated revenues is also a limiting credit factor. In our opinion, Moravian's adequate financial resource ratios and improved demand for fall 2014 support the 'A-' rating. Also, we believe the college will need to maintain stable enrollment
