The rating on New Jersey Educational Facilities Authority's bonds, issued on behalf of Rider University, reflects: * Volatile demand trends, * Limited admissions flexibility, and * High tuition dependence. These characteristics are offset by: * Improving financial operations, * Adequate liquidity, and * Manageable debt. Rider is a private, coeducational, four-year institution. The main campus is in Lawrence Township, N.J. while the Westminster Choir College (School of Music) is in Princeton. Over the past seven years, full-time equivalent enrollment has fluctuated, but fall 1997 enrollment increased 0.3% to 3,767. Since 1992, matriculation has improved 28.2% despite a 4.6% decline in freshmen applications this year. In addition, student quality has been improving with average SAT scores of 1021. Rider's high acceptance
