The rating on the District of Columbia's bonds, issued for The George Washington University, reflects the university's general obligation pledge supported by: Strong and improving demand for the university's comprehensive academic programs; A demonstrated capacity to raise money, which along with good investment performance, has led to a substantial increase in endowment; and A proven management team, which set out to improve the university's visibility and stature, improve undergraduate student quality, and grow endowment, and ultimately accomplished these goals over the past decade. Other rating factors include recent operating deficits stemming from medical center operations, a notable rise in debt, and moderate levels of unrestricted resources relative to the university's $775 million operating budget. Management has taken several steps to
