The rating on New Jersey Educational Facilities Authority's revenue bonds, issued for Princeton Theological Seminary, reflects: A substantial endowment, which has increased by 23% from fiscals 1996-1999 to $813 million; Overwhelming operating and debt liquidity; Strong financial operations; A low debt burden; and Good demand for the academic program. The bonds are secured by the seminary's general obligation pledge. The endowment continues to increase each year, with a 23% increase from fiscal 1996 to 1999's market value of $813 million. Since student enrollment is fairly small, at 752 students for fall 1999, endowment per student is considerable at over $1 million per student. The endowment also represents a significant revenue source; unrestricted endowment income as prescribed by the endowment spending
