Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' rating on Massachusetts Health and Educational Facilities Authority's variable-rate revenue bonds, issued for Harvard University. The amount of revenue bonds under the series R revenue bond resolution is increasing to $131.2 million or by an additional $14.04 million under an extendible CUSIP structure. Harvard's obligation to pay the authority is an unsecured GO of the university. The 'AAA' rating reflects Harvard's: Overwhelming financial resources provided by an endowment of $25.9 billion as of June 30, 2005; Strong revenue diversity and demonstrated ability to raise funds; Impressive demand for academic programs at the undergraduate, graduate, and professional levels; and Manageable debt relative to the university's operating budget and financial reserves. Standard and Poor's
