S&P Global Ratings assigned its 'AAA' long-term rating to the $500 million series 2022A taxable bonds issued by the President and Fellows of Harvard College and its 'AAA' rating to the Massachusetts Development Finance Agency's $250 million series 2022B green bonds issued on behalf of Harvard University (Harvard), Mass. At the same time, S&P Global Ratings affirmed its 'AAA' long-term and 'A-1+' short-term ratings on various debt issued by and for Harvard. The outlook, where applicable, is stable. The 'A-1+' short-term rating reflects Harvard's ample liquid assets to cover the purchase price of variable-rate demand bonds or commercial paper (CP) notes that have been tendered but not successfully remarketed. Harvard has robust same-day liquid investments to cover any maturing CP
