Standard&Poor's Ratings Services assigned its 'A-' rating and stable outlook to Northampton County General Purpose Authority's series 2012B college general revenue bonds, issued for Moravian College in Bethlehem, and affirmed its 'A-' rating, with a stable outlook, on the authority's series 2012 college revenue bonds, issued for Moravian. At the same time, Standard&Poor's affirmed its 'A-' issuer credit rating (ICR), with a stable outlook, on Moravian College. The 'A-' rating reflects our assessment of Moravian's adequate financial resource ratios and historically positive operating performance despite recent enrollment decreases. These factors are somewhat tempered by a high pro forma maximum annual debt service (MADS) burden directly attributable to a $4.1 million balloon payment due in fiscal 2016.
