The rating on Ramapo College's bonds is affirmed and reflects: Stable enrollment, A competitive admissions profile, and Good financial operations. A higher rating is precluded by low levels of financial reserves, a moderately high debt load, and the college's position (next to last) in the state funding hierarchy. Located in northern Bergen County, N.J., Ramapo College attracts 68% of its students from the four surrounding New Jersey counties and 50% of its out-of-state students from nearby Rockland County, New York. Enrollment has been relatively stable, although it increased 4.2% this past fall, to 4,821 students, with about 60% of them full-time. Ramapo experienced some volatility in freshman applications and enrollments over the past five years, but both statistics were up
