The long-term ratings on Connecticut Health and Educational Facilities Authority's bonds, issued for Yale University, reflect: The university's strong financial cushion tied, in large part, to its endowment of over $6 billion; Excellent student demand indicators; and A manageable debt burden. The affirmation of short-term ratings on the authority's series S and T bonds, and the university's taxable commercial paper program, reflect Yale's ability to cover failed remarketings or rollovers many times over from its own funds. Yale's large endowment and long history of successful fundraising provide significant financial flexibility. Endowment income and a high level of annual private giving contribute to a diverse revenue base and allow the university to remain committed to need-blind admissions and full-need financial aid.
