The 'AAA' rating on Massachusetts Health and Educational Facilities Authority's bonds, issued for Harvard University, reflects: Overwhelming financial resources provided by a $14.5 billion endowment valued on Jan. 31, 2000; Strong management of admissions, investments, and operations; and Impressive demand for Harvard's academic programs. The short-term 'A-1+' rating reflects Harvard's ability to cover its short-term debt and demand bonds with an estimated $4.24 billion of cash and investments available on a same day basis. The rating also anticipates Harvard issuing an additional $125 million of variable-rate debt (series Y) in the next few weeks. As of Jan. 31, 2000, Harvard's endowment was an estimated $14.5 billion. Both its endowment and general operating cash are invested by Harvard Management Co. in
