Standard&Poor's Ratings Services affirmed its 'A-' issuer credit rating on Moravian College (MC), located in Bethlehem, Pa. The outlook is stable. The rating reflects our view of the institution's general creditworthiness and is supported by: Expendable resource levels that are solid relative to the rating category, at approximately 100% of fiscal 2010 operating expenses and 143% of outstanding debt (including off-balance-sheet housing); Historically balanced operating results on both a full-accrual and cash basis; and Manageable debt burden of roughly 4.5% of fiscal 2010 operating expenses. Offsetting credit factors, in our view, include: A high degree of competition in the college's Pennsylvania market; and A weakening student demand profile, as measured by historically flat full-time-equivalent (FTE) enrollment, declining applications,
