The outlook revision on New Jersey Educational Facilities Authority's bonds, issued for Saint Peter's College (SPC), reflects: Weakened operating performance in fiscal 1999 and budgeted operating deficits for several more years; and A challenging demand environment, characterized by recent decreases in full-time undergraduates and freshman applicants, limited geographic draw, and continued area competition. Factors that continue to support the rating include: A healthy matriculation rate, averaging 40% for over the past four years; Adequate operating and debt liquidity levels, although the debt burden is moderately high, at 7% of budget with future capital needs; and Success in recent fundraising efforts contributing to steady growth in endowment. The bonds are secured by the college's GO pledge. SPC is a private Roman
