(Editor's Note: In the summary, dated July 19, 1999, the name of the obligor was misstated. The correct name is The Richard Stockton College of New Jersey. The corrected version follows). The 'A+' rating on New Jersey Educational Facilities Authority's bonds, issued for The Richard Stockton College of New Jersey, reflects: The college's position in the state higher education funding hierarchy, Positive financial performance, Satisfactory liquidity, and Stable enrollment trends. These strengths are offset by the college's declines in freshman and transfers applications and high debt burden. Maximum annual debt service of $5.5 million, while manageable relative to the school's overall financial performance, is high, at 10.3% of 1998 unrestricted current fund expenditures and mandatory transfers. The school has no
