What does it mean if I've received an "Applicant Transfer Credit Evaluation?"?

I applied to Mercer University at the end of July, and this afternoon I received a letter that contained an Applicant Transfer Credit Evaluation. It lists my credits that have and have not been accepted, as well as an academic check sheet for the Townsend School of Music. Is this an acceptance or a rejection letter, or is it merely a smaller step in the application process?