The rating on New Jersey Educational Facilities Authority, issued for Ramapo College, reflects the college's: * Strong and proactive management team, * Competitive admissions profile, * Good financial operations, and * A moderately high debt burden. The rating also reflects lackluster state funding, large tuition and fee increases, and significant future capital needs, which will likely require additional debt issuance. However, as Ramapo's management team continues to aggressively implement the strategic plan, institutional characteristics are expected to change, such as improved demand and increased liquidity. These changes could have positive rating implications. In addition, Standard&Poor's expects the dormitories to be self-supporting. Bond proceeds will fund the construction of a new residence hall, the pavilion expansion, and miscellaneous technology
