The rating on New Jersey Educational Facilities Authority's bonds, issued for Ramapo College, reflects the college's: Stable enrollment, Competitive admissions profile, Good financial operations, and A moderately high debt burden. A higher rating is precluded by lackluster state funding, large tuition and fee increases, and significant future capital needs that will likely require additional debt issuance. The bonds are GOs of Ramapo College, payable from any legally available funds of the college. Located in northern Bergen County, N.J., Ramapo College attracts 66% of its students from the four surrounding New Jersey counties and 48% of its out-of-state students from nearby Rockland County, N.Y. Headcount enrollment has been relatively stable (4,658 students as of fall 1998) with an increasing number of
