The 'AAA' rating on Massachusetts Health and Educational Facilities Authority's series R revenue bonds, issued for Harvard University, reflects: The university's overwhelming financial resources provided by a $19.2 billion endowment valued at June 30, 2000; Strong management of admissions, investments, and operations; and Impressive demand for Harvard's academic programs. The 'A-1+' rating reflects Harvard's ability to cover its short-term debt and demand bonds with an estimated $7.1 billion of cash and investments available on a same day basis. As of June 30, 2000, Harvard's endowment was an estimated $19.2 billion. Harvard Management Co. invests both its endowment and general operating cash in a sophisticated portfolio that often uses leverage and derivative instruments to achieve higher returns. For the fiscal year
