Harvard University, Massachusetts; CP; Private Coll/Univ - General Obligation

S&P Global Ratings 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. We assessed Harvard's enterprise profile as extremely strong, characterized by impressive selectivity and matriculation rates, robust fundraising success, and solid enrollment. We characterized Harvard's financial profile as very strong, highlighted by robust available resources ratios, offset by variable and average operating margins for the rating category. Combined, we believe these credit factors lead to an indicative standalone credit profile of 'aa+'. As our criteria indicate, the final rating can be within one notch of the indicative credit level. In our opinion,

...S&P Global Ratings affirmed its '###' 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. We assessed Harvard's enterprise profile as extremely strong, characterized by impressive selectivity and matriculation rates, robust fundraising success, and solid enrollment. We characterized Harvard's financial profile as very strong, highlighted by robust available resources ratios, offset by variable and average operating margins for the rating category. Combined, we believe these credit factors lead to an indicative standalone credit profile of '##+'. As our criteria indicate, the final rating can be within one notch of the indicative credit level. In our opinion, the '###' rating on the university's bonds better reflects Harvard's significant cash and investments compared with outstanding debt. Harvard's bonds are eligible...

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