Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating and 'A-1+' short-term rating on Harvard University's series R bonds, issued by Massachusetts Health and Educational Facilities Authority. The outlook is stable. The 'AAA' rating is based on the university's unsecured GO pledge and is supported by: The university's overwhelming financial resources, provided by an endowment of $22.6 billion (valued on June 30, 2004); Strong revenue diversity and the demonstrated ability to raise funds; and The impressive demand for Harvard's academic programs at the undergraduate, graduate, and professional levels. The short-term 'A-1+' rating reflects Harvard's general credit strengths and considerable experience in managing its own liquidity. Harvard demonstrates ample liquid assets of high credit quality, largely in U.S. Treasuries, that
