NEW YORK (Standard&Poor's CreditWire) July 5, 2001--Standard&Poor's today affirmed its double-'A'-plus/'A-1'-plus, double-'A'-plus, and 'A-1'-plus ratings on the outstanding debt issued for Northwestern University, Ill. The double-'A'-plus rating reflects: -- Excellent financial operations, evidenced by consistent surpluses, broad revenue diversity, and manageable tuition discounting; -- Strong endowment growth and portfolio diversity, which have resulted in strengthening financial-resource ratios; and -- Continued enrollment stability and competitive student demand, despite downturns in the numbers of applicants for fall 2000 and fall 2001. The bonds are secured by Northwestern's GO pledge. The 'A-1+' rating reflects Northwestern's own liquidity and ability to meet puts in the event of failed remarketings. OUTLOOK: STABLE The outlook is predicated on Standard&Poor's expectations
