Standard&Poor's Ratings Services has affirmed its 'AAA' long-term rating on various revenue bonds and its 'A-1+' short-term rating on variable-rate demand bonds and commercial paper (CP) notes, issued by various issuers for Harvard University (Harvard), Mass. The outlook is stable. The 'AAA' rating reflects our view of Harvard's impressive level of financial resources and excellent demand and enrollment that offset a trend of variable operating performance, with a full accrual operating deficit in fiscal 2013 after a modest gain in fiscal 2012. The 'A-1+' short-term rating reflects Harvard's general credit strengths and considerable experience in managing its own liquidity. We consider Harvard's liquid assets, largely U.S. Treasuries, as more than sufficient and of high credit quality, which it
