The 'AAA/A-1+' ratings on Massachusetts Development Finance Agency's variable-rate revenue bonds series HH, issued for Harvard University, reflects: The university's overwhelming financial resources, provided by an endowment of $19.3 billion (valued on June 30, 2003); Strong revenue diversity and demonstrated ability to raise funds; and Impressive demand for Harvard's academic programs at both the undergraduate and graduate and professional levels. The 'A-1+' short-term rating also reflects Harvard's ability to provide liquidity with same-day cash and investments to cover the purchase price of bonds or CP that has been tendered but not successfully remarketed. As of Aug. 31, 2003, the university estimated that same-day cash availability was a substantial $5 billion, including $3.5 billion in U.S. treasuries and $579 million in
