The rating on New Jersey Educational Facilities Authority's bonds, issued for Rider University, reflects: Limited admissions flexibility; High dependence on tuition and student-generated fees; and Weak financial performance, evidenced by three years of operating deficits, although fiscal 1999 had an operating surplus. Credit strengths 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. While headcount enrollment has fluctuated slightly in the past five years, it has never dropped below 5,000 and currently totals 5,396. Fall 1999 full-time equivalents increased 7% to 4,320 since fall 1998, reflecting growth in both the full-time and part-time undergraduate populations. This growth masks some fluctuations in the part-time
