Standard&Poor's Ratings Services has affirmed its 'AAA' long-term rating on various revenue bonds and its 'A-1+' short-term rating on variable-rate demand bonds and commercial paper (CP) notes, issued for and by Harvard University, Mass. The outlook remains stable. The 'AAA' rating reflects our view of Harvard's impressive level of financial resources, rebounding operations, and excellent demand and enrollment. The 'A-1+' short-term rating reflects Harvard's general credit strengths and considerable experience in managing its own liquidity. We consider Harvard's liquid assets, largely U.S. Treasuries, as more than sufficient and of high credit quality, which it can use to cover the purchase price of variable-rate demand bonds or CP notes that have been tendered but not successfully remarketed. As of
