NEW YORK (Standard&Poor's) Nov. 21, 2008--Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating on the President and Fellows of Harvard University, Mass.'s taxable commercial paper (CP) notes in conjunction with an increase in the program size to $2 billion from $1 billion. Standard&Poor's also affirmed its 'A-1+' short-term rating on the university's tax-exempt commercial paper notes, series EE, issued by Massachusetts Health and Educational Facilities Authority. The outlook on both ratings is not meaningful. "The rating reflects Harvard's general credit strengths, sufficient assets, and the demonstrated policies and procedures to manage self-liquidity," said Standard&Poor's credit analyst Mary Peloquin-Dodd. The obligation to pay CP is an unsecured general obligation of Harvard, on parity
