Howard Hughes Medical Institute, Maryland; Non-Profit Organizations

S&P Global Ratings affirmed its 'AAA' long-term rating on Howard Hughes Medical Institute (HHMI), Md.'s series 2013B taxable bonds. S&P Global Ratings also affirmed its 'AAA/A-1+' dual rating on Loudoun County Industrial Development Authority, Va.'s series 2013A multimodal tax-exempt revenue bonds, series 2003A-F variable rate bonds, and 2009B variable rate bonds, issued for HHMI. S&P Global Ratings also affirmed its 'AAA/A-1+' rating on Maryland Economic Development Corp.'s series 2008A and 2008B multimodal revenue bonds issued for HHMI. The outlook remains stable. The 'AAA' long-term rating reflects our view of HHMI's exceptionally strong balance sheet, sound and successful investment policy, significant operating flexibility, and a governance and management philosophy of adjusting spending as needed to conserve current endowment strength. The short-term

...S&P Global Ratings affirmed its '###' long-term rating on Howard Hughes Medical Institute (HHMI), Md.'s series 2013B taxable bonds. S&P Global Ratings also affirmed its '###/A-1+' dual rating on Loudoun County Industrial Development Authority, Va.'s series 2013A multimodal tax-exempt revenue bonds, series 2003A-F variable rate bonds, and 2009B variable rate bonds, issued for HHMI. S&P Global Ratings also affirmed its '###/A-1+' rating on Maryland Economic Development Corp.'s series 2008A and 2008B multimodal revenue bonds issued for HHMI. The outlook remains stable. The '###' long-term rating reflects our view of HHMI's exceptionally strong balance sheet, sound and successful investment policy, significant operating flexibility, and a governance and management philosophy of adjusting spending as needed to conserve current endowment strength. The short-term 'A-1+' rating reflects HHMI's ample liquidity and procedures to cover weekly tenders as needed. The long-term rating reflects our view...

Full Report