The rating on New Jersey Educational Facilities Authority's bonds, issued for Monmouth University, reflects: Limited admissions flexibility, Adequate operating and debt liquidity, and High dependence on student-generated fees. A lower rating is precluded by: Good growth in headcount enrollment, Positive operations, and Manageable debt burden. The bonds are secured by the university's GO pledge. Headcount enrollment has increased 5% to 5,369 students in fall 1998 since fall 1996. Full-time equivalent enrollment also has increased 8% since fall 1996, with most of the growth in full-time undergraduates. In fall 1999, enrollment is expected to increase to 5,400. However, enrollment growth has come at the cost of higher acceptance rates. Although the acceptance pool is growing, the university is accepting a higher
