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 is stable. The 'AAA' rating reflects our view of the university's: Impressive level of financial resources provided by an endowment of $32 billion as of June 30, 2011; Expendable resource ratios consistent with other 'AAA' rated private colleges and universities equal to 7.5x adjusted operating expenses for fiscal 2011, and 5x debt then outstanding of $6.3 billion;. Strong revenue diversity and a demonstrated ability to raise funds; Impressive demand for academic programs at the undergraduate, graduate, and professional levels, and a growing
