Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' rating on Massachusetts Health and Educational Facilities Authority's variable-rate revenue bonds, series R, issued for Harvard University (Harvard). The university is adding $12.9 million to the series, increasing the amount outstanding to $103 million from $90.7 million. The rating affirmation reflects: The university's overwhelming financial resources, provided by an endowment of $19.3 billion (valued on June 30, 2003); Strong revenue diversity and demonstrated ability to raise funds; and Impressive demand for Harvard's academic programs at the undergraduate, graduate, and professional levels. Standard&Poor's also affirmed its 'A-1+' short-term rating on the Series EE commercial paper program in conjunction with an increase in the authorized limit from $300 million to $650 million.
