The rating on Connecticut Health and Educational Facilities Authority's bonds, issued for University of Connecticut Foundation, Inc., reflects: Successful fund-raising and a prudent investment philosophy, which has increased total net assets 135% over the past four years to $149 million for fiscal 1998; Considerable liquidity and financial flexibility with expendable resources representing 9.2 times (x) pro forma debt and 4.3x unrestricted expenses; A manageable debt burden with pro forma debt service representing only 3% of unrestricted expenses and no significant additional debt plans for the near future; and The foundation's strong ties with the University of Connecticut. A higher rating is precluded due to limited levels of unrestricted resources, which total only $5.4 million in 1998. This is somewhat mitigated
