The rating on the Massachusetts Health and Educational Facilities Authority's bonds, series FF, issued for Harvard University reflects the university's overwhelming financial resources, provided by an $18.3 billion endowment, valued on June 30, 2001; strong management of admissions, investments, and operations; and impressive demand for Harvard's academic programs. The 'A-1+' rating reflects Harvard's ability to provide liquidity with same-day cash and investments. The series FF bonds will be general obligations of the university. Bond proceeds will be used to finance various capital projects on campus. Harvard was founded in 1650, and it operates as a 501(C)3 institution, in Cambridge, Mass. The stable outlook reflects the anticipated maintenance of impressive demand, financial resources that continue to exceed operating expenses and fixed
