The 'AA+/A-1+' rating on Connecticut Health and Educational Facilities Authority's bonds, issued for Quinnipiac University, is based on Standard&Poor's joint criteria. This issue has two sources of payments for debt service and the higher rating indicates the likelihood that neither of these sources would fund when required. The first payment source is a letter of credit provided by JPMorgan Chase and the second source is from loan repayments made by Quinnipiac University. JPMorgan Chase is rated 'AA-' and Quinnipiac University is rated 'A-'. The 'A-1+' short-term rating is based solely on JPMorgan Chase. The bonds are going out initially in the daily interest rate mode, but there are other interest rate modes that the issue may convert to
