Standard&Poor's Ratings Services assigned its 'AA+' rating on Illinois Finance Authority's fixed-rate revenue refunding bonds, series 2006, issued for Northwestern University. In addition, Standard&Poor's affirmed its 'A-1+' and 'AA+' ratings on the university's outstanding debt. The 'AA+' rating reflects the university's: Exceptional student quality and strong student demand, with a freshman selectivity rate of 29%; Strong liquidity, supported by a large endowment; History of positive financial operations, with a $87.4 million operating surplus generated in fiscal 2005; Successful fundraising efforts, exceeding the recent $1.5 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, 2006,
