The rating upgrade on Connecticut Health and Education Facilities Authority's bonds, issued for Taft School, reflects: * A doubling of endowment since 1993 to $95 million, * A successful capital campaign, * Good growth in levels of unrestricted resources, and * Improved demand indicators. The rating also reflects: * Steady enrollment, * Stable financial performance, * High levels of annual giving, * A strong management team, and * Manageable debt. The rating also anticipates that Taft will successfully bring down its endowment spending rate and continue to increase its levels of unrestricted resources. Enrollment at Taft has been very stable, totaling 541 students for fall 1997. About 80% of the students are boarders, while the remainder are local students who
