MONMOUTH, Ill. —Moody’s Investors Service has affirmed an A3 rating and stable outlook on approximately $6.08 million in outstanding Series 2000 bonds issued to Monmouth College through the City of Monmouth.

The review was prompted by the college’s borrowing of $13 million in Variable Rate Industrial Project Revenue Bonds, Series 2002. Proceeds from the Series 2002 bonds will be used primarily to build the Huff Athletic Center.

The A3 rating on the Series 2000 bonds is based on the college’s stable market position for a small college, with gradually expanding enrollment in a highly competitive regional market, in addition to its strong operating performance and successful fundraising to finance capital improvement.

Moody’s expects Monmouth College to maintain a stable market position, as enrollment has increased from 914 full-time students in 1995 to 1,097 in the fall of 2002.

The company also anticipates that Monmouth will continue to produce positive operating margins due to conservative budgeting practices. Despite the relatively low net tuition per student, Monmouth has produced significant operating surpluses, averaging 8.8 percent over three years.