February 7, 2003

Junk-Bond Colleges

By MARTIN VAN DER WERF

Declining fiscal ratings reflect the struggles many small colleges face

The long-predicted decline in the fortunes of small private colleges is

ALSO SEE:

Fall in Value

Growing Pessimism

beginning to show up in the bond market. Since the beginning of 2002, six colleges have been downgraded to "below

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