The 'A-1+' rating on the Massachusetts Health and Educational Facilities Authority's commercial-paper notes, series EE, issued for Harvard University, reflects the university's overwhelming financial resources, provided by an $18.3 billion endowment (valued on June 30, 2001); strong management of admissions, investments, and operations; and impressive demand for Harvard's academic programs. The rating also reflects Harvard's long-term rating and ability to provide liquidity with same-day cash and investments. As of June 30, 2002, the university estimated that same-day-cash availability was a substantial $5.1 billion and included $3.9 billion in U.S. treasuries and $579 million in money-market securities. In addition, the university has demonstrated the liquidity procedures and timing considerations necessary for self-liquidity. In July, the university sold series FF revenue bonds,
