Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Harvard University's series 2008A taxable revenue bonds. At the same time, Standard&Poor's affirmed its 'AAA' long-term rating on the university's previously issued revenue bonds and its 'A-1+' short-term rating on the university's variable-rate demand bonds and commercial paper (CP) notes, issued by the university or various authorities. The 'AAA' rating reflects the university's: Overwhelming financial resources provided by an endowment of $34.9 billion as of June 30, 2007; Strong revenue diversity and demonstrated ability to raise funds; and Impressive demand for academic programs at the undergraduate, graduate, and professional levels. The 'A-1+' rating reflects Harvard's general credit strengths and considerable experience in managing its own liquidity. Harvard
