The rating on New Jersey Educational Facilities Authority's bonds, issued for Monmouth University, reflects: Limited admissions flexibility, High dependence on tuition and student-generated fees, and Adequate operating and debt liquidity levels. Credit strengths include: Stable headcount enrollment, Positive operations, and A manageable debt burden. The bonds are secured by the university's GO pledge. Headcount enrollment has increased 15% to 5,425 in the past five years, but this growth has come at the cost of higher acceptance rates. Although the applicant pool is growing, the university is accepting a higher percentage of applicants in order to draw a larger class size. The acceptance rate remains high, at 86% in fall 1999; however, this is down from 89% in fall 1998. Strong
