The rating to New Jersey Educational Facilities Authority's bonds, issued for Richard Stockton State College, reflects: Good demand characterized by a 51% freshman acceptance rate and 46% matriculation rate, positive transfer admissions, and above-average student quality; Positive financial performance, with continued profitability, and a fiscal 1997 surplus of $3.7 million, or 7% of operations; Solid support from New Jersey (rated 'AA+'), which equals $5,228 appropriations per student in fiscal 1997; and Satisfactory liquidity, with unrestricted monies amounting to 34% of operations and 38% of pro forma debt. These strengths are offset by the school's very low endowment, and increasing debt. Pro forma maximum annual debt service of $5.5 million, while manageable relative to the school's overall financial performance, is somewhat
