Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on Northwestern University, Ill.'s outstanding revenue bonds. The outlook remains stable. In addition, Standard&Poor's affirmed the 'AAA/A-1+' ratings on Illinois Finance Authority's adjustable-rate revenue bonds series 2004-A ($67.9 million) and series 2008-A bonds ($50 million), issued for NU, which are expected to convert to a 364-day adjustable-rate mode on April 1, 2009. We have evaluated the university's self-liquidity and expect to assign an 'A-1+' short-term rating to the series 2004-A and 2008-A bonds, which reflects the system's general credit strengths and strong management team. Standard&Poor's also affirmed AAA/A-1+/Stable ratings on the authority's adjustable-rate revenue bonds series 2004-B ($67.9 million); series 2008-B bonds ($50 million); and series
