The long-term rating on Ohio Higher Educational Facility Commission's bonds, issued for Kenyon College, reflects: * Competitive admissions, * Good financial performance and liquidity, and * Manageable debt burden. The short-term rating assigned to the series 1998 bonds is based on a credit agreement provided as a liquidity facility by The First National Bank of Chicago, which provides liquidity support for the purchase price of unremarketed tendered bonds. The short-term rating assigned to the college's series 1992 bonds is based on a liquidity facility provided by National City Bank, Cleveland. Kenyon College is a small liberal arts college located in Gambier, Ohio. Enrollment has been fairly stable over the past several years. The college's 1551 students are all undergraduate, and
