The rating on New Jersey Educational Facilities Authority's bonds, issued for Georgian Court College, reflects decreasing enrollment, with limited admissions flexibility and high, but improving tuition dependence. These factors are offset by strong financial operations and liquidity, and manageable debt. Located in Lakewood, N.J., Georgian Court College is a private, Catholic, four-year liberal arts college for women, founded in 1908 by the Sisters of Mercy of New Jersey. The college offers undergraduate programs in the arts and sciences, religion, business administration, social work, and teacher preparation. Enrollment has been decreasing for the past few years and is currently 2,350. Freshmen acceptance rates are high (91%) with a fairly stable matriculation rate of 47%. The college has traditionally drawn a number
