The rating on New Jersey Educational Facilities Authority's bonds, issued for St. Peter's College, reflects: Consistent small operating surpluses, Adequate financial resources, and Success in recent fundraising efforts. These factors are offset by the college's: Challenging demand environment characterized by recent declines in enrollment, a flat applicant pool, and a declining matriculation rate; A narrow geographic draw; and A moderately high debt burden. The bonds are secured by the college's GO pledge. St. Peter's College is a private Roman Catholic liberal arts and business college in Jersey City, N.J. The college has consistently produced small operating surplus; 1998 net operating income was $958,000, or 2% of operations. As a result of bond proceeds, cash and investments improved to $36.1 million
