The rating on New Jersey Educational Facility Authority's bonds, issued for Monmouth University, reflects: * The university's good liquidity, * Positive operations, * Manageable debt burden, and * Enrollment growth. These factors are offset by limited admissions flexibility. The series 1998 bonds will refund $5.1 million series 1994C bonds and $2.35 million series 1994B bonds and provide $490,000 for various capital projects on campus. The bonds are a GO of the university. Monmouth's enrollment growth has enabled the university to improve operations, as evidenced by increasing profitability over the past five years. Fiscal 1997 produced a $6.2 million unrestricted net asset surplus, and fiscal 1996 produced a $3.6 million surplus. Fiscal 1997 was the third year of strong operating performance
