The upgrade on Vermont Educational and Health Buildings Financing Agency's bonds, issued for St. Michaels College, reflects: * Improving liquidity; * Limited additional capital needs; * An impressive new management team; and * The college's stable demand profile. Offsetting factors include the college's small size, with a headcount enrollment of under 3,000 students, and moderate admissions selectivity. The college expects to issue its Series 1999 bonds in April, the proceeds of which will refund all of the college's outstanding long-term debt. The plant is in excellent condition and the college has no additional debt needs or even major capital expansion plans. As a result, the college's debt load is quite manageable with a debt burden of under 5% of expenses
