The rating on Connecticut Health&Education Facilities Authority's bonds reflects: * One of the largest higher-education endowments in the country; * Excellent student demand; and * A moderate debt load. The short-term ratings reflect Yale's ability to cover failed remarketings or rollovers many times over from its own funds. Series T proceeds will fund a portion of the university's ongoing capital improvement program (CIP). Rating affirmations on outstanding series S bonds, as well as Yale's own MTN and commercial paper programs, reflect the above factors, too. Yale's $5 billion endowment and long history of successful fundraising provide significant financial flexibility. Endowment income and a high level of annual private gifts contribute to a diverse revenue base and allow Yale
