Standard&Poor's Ratings Services assigned its 'AAA/A-1+' rating to the Massachusetts Health and Educational Facilities Authority's $264.4 million variable-rate demand revenue bonds, series GG-1 and GG-2 (federally taxable), issued for Harvard University. The 'AAA' rating reflects the university's long-term rating; the 'A-1+' reflects the university's short-term rating. The 'AAA' rating is based on the university's unsecured general obligation pledge supported by: The university's overwhelming financial resources, provided by an endowment of $19.3 billion (valued on June 30, 2003); Strong revenue diversity and demonstrated ability to raise funds; and Impressive demand for Harvard's academic programs at the undergraduate, graduate, and professional levels. Standard&Poor's also recently affirmed its 'A-1+' short-term rating on the Series EE tax-exempt commercial paper program
