The rating on New Jersey Educational Facilities Authority's bonds, issued for Rider University, reflects: Limited admissions flexibility, High dependence on student-generated fees, and Weak financial performance as evidenced by continued operating deficits. Positive aspects include: Growing enrollment and freshman applications, Adequate operating and debt liquidity levels, and A manageable debt burden. The bonds are secured by the university's GO pledge. Between fall 1992 and fall 1997, headcount enrollment fell 12% to 5,128 from 5,828. In fall 1998, however, due to focused recruitment efforts, enrollment increased 5% to 5,374. Freshman applications also increased 12.6% in fall 1998 to 3,810 from the previous year—up 18% from fall 1995's low of 3,231. For fall 1999, management projects freshman applications around 3,869. Rider has
