...S&P Global Ratings' issuer credit rating on Moravian College, Pa., is '###+'. Its long-term rating on Northampton County General Purpose Authority, Pa.'s series 2012, 2013, and 2016 college general revenue bonds, issued for Moravian College, is '###+'. The outlook is stable. We assessed Moravian's enterprise profile as strong, with a second consecutive year of improved matriculation, and continued growth in enrollment for a sixth consecutive year while in a highly competitive market. We assessed Moravian's financial profile as adequate, with growth in net tuition revenue for a fifth consecutive year, and relative stability in available resources offset by weak operating results with the expectation that they will continue until at least fiscal 2020. We believe these credit factors lead to an indicative stand-alone credit profile of '###+' and a final rating of '###+'. More specifically, the '###+' ratings reflect our assessment of Moravian's: + Negative full-accrual operating performance...
