The 'AA+' rating on Illinois Educational Facilities Authority's revenue bonds series 2003, issued for Northwestern University, reflects the university's: Exceptional student quality and strong student demand, with a freshman selectivity rate of 33%; Strong liquidity, supported by a large endowment; History of balanced financial operations, with a $67.2 million operating surplus generated in fiscal 2002; Successful fundraising efforts, exceeding the recent $1.4 billion campaign goal; and Manageable debt burden. The 'A-1+' CP rating reflects Northwestern's own liquidity and ability to meet CP rollovers in the event of failed remarketings. As of Aug. 31, 2003, the university has $100 million of authorized and outstanding taxable CP, and $36.07 million of tax-exempt CP outstanding within an authorization of $50 million. Cash and
