Harvard University, MA, Series 2020A and 2020B Bonds Assigned 'AAA' Rating; Outlook Stable

NEW YORK (S&P Global Ratings) April 9, 2020--S&P Global Ratings has assigned its long-term 'AAA' rating up to $574 million series 2020A revenue bonds issued by the Massachusetts Development Finance Agency on behalf of Harvard University (Harvard), Mass. At the same time, we have assigned our 'AAA' rating up to $500 million series 2020B taxable bonds issued by Harvard. We have also affirmed the 'AAA' rating outstanding on various issues for Harvard, and the short-term rating on variable-rate demand bonds and commercial paper (CP) notes, issued by various issuers for Harvard, is 'A-1+'. The outlook is stable. "Over the past several years, the university has dramatically restructured its debt portfolio, moving from one that was heavily concentrated in variable-rate demand

...April 9, 2020 NEW YORK (S&P Global Ratings) April 9, 2020--S&P Global Ratings has assigned its long-term '###' rating up to $574 million series 2020A revenue bonds issued by the Massachusetts Development Finance Agency on behalf of Harvard University (Harvard), Mass. At the same time, we have assigned our '###' rating up to $500 million series 2020B taxable bonds issued by Harvard. We have also affirmed the '###' rating outstanding on various issues for Harvard, and the short-term rating on variable-rate demand bonds and commercial paper (CP) notes, issued by various issuers for Harvard, is 'A-1+'. The outlook is stable. "Over the past several years, the university has dramatically restructured its debt portfolio, moving from one that was heavily concentrated in variable-rate demand bonds and CP to one that is far more predictable," said S&P Global Ratings credit analyst Laura Macdonald. Bond proceeds for the taxable issue will be used to help finance up to $500 million in capital plans...

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