The 'A+' rating on the Western Michigan University Board of Trustees' Series 2002A and B bonds reflects: Historically strong financial support from the 'AAA' rated state of Michigan; Strong demand trends, evidenced by growing enrollment, some improvement in selectivity, and fairly stable matriculation rates; A history of balanced financial operations; and Successful fundraising efforts. However, WMU has fairly significant additional debt plans. While the debt burden, including the series 2002 A&B bonds is manageable at 5.4%, this is expected to increase over the next few years. By 2008, an additional $132 million of debt is expected to be issued. The bonds are secured by WMU's general revenues, including tuition and fees, and the revenues generated from the university's
