The rating upgrade on New Jersey Educational Facilities Authority's bonds, issued for Montclair State University, reflects: The university's position within the state higher education funding hierarchy, Very good admissions flexibility, and Solid financial operations. Offsetting rating factors include limited financial flexibility and the likelihood that state appropriations will not grow measurably in the next few years. The upgrade on the university's outstanding housing bonds series 1974D, 1977A, and 1977B reflects the legally available funds backing those bonds. The series are now rated on par with the unlimited student fees debt. The rating on the 1972B bonds is affirmed. The 1972B bonds are secured by the university's unlimited student fees. The university has identified additional debt needs of about $14 million,
