The Standard&Poor's underlying rating (SPUR) on New Jersey Educational Facilities Authority's bonds, issued for Richard Stockton State College, reflects: The college's position in the state higher education funding hierarchy, Positive financial performance, Satisfactory liquidity, and Stable enrollment trends. These strengths are offset by the college's declines in freshman and transfers applications and a high debt burden. The 1998C bonds are backed by a pledge of unlimited student fees. The rating on the college's outstanding housing bonds series 1973D is raised to 'A+' from 'BBB+' to reflect the legally available funds backing those bonds. The series are now rated on par with the unlimited student fees debt. Richard Stockton State College ranks 10 out of 12 in the state
