Summary: Massachusetts Development Finance Agency Harvard University; CP; Private Coll/Univ - General Obligation

S&P Global Ratings has assigned its long-term 'AAA' rating on up to $574 million series 2020A revenue bonds issued by the Massachusetts Development Finance Agency on behalf of Harvard University (Harvard), Mass. At the same time, we have assigned our 'AAA' rating up to $500 million series 2020B taxable bonds issued by Harvard. We have also affirmed the 'AAA' rating outstanding on various issues for Harvard, and the short-term rating on variable-rate demand bonds and commercial paper (CP) notes, issued by various issuers for Harvard, is 'A-1+'. The outlook is stable. Harvard's obligation to pay its debt is an unsecured general obligation. The university's total debt was approximately $4.9 billion on June 30, 2019, with 89% fixed-rate and 11% variable-rate

...S&P Global Ratings has assigned its long-term '###' rating on up to $574 million series 2020A revenue bonds issued by the Massachusetts Development Finance Agency on behalf of Harvard University (Harvard), Mass. At the same time, we have assigned our '###' rating up to $500 million series 2020B taxable bonds issued by Harvard. We have also affirmed the '###' rating outstanding on various issues for Harvard, and the short-term rating on variable-rate demand bonds and commercial paper (CP) notes, issued by various issuers for Harvard, is 'A-1+'. The outlook is stable. Harvard's obligation to pay its debt is an unsecured general obligation. The university's total debt was approximately $4.9 billion on June 30, 2019, with 89% fixed-rate and 11% variable-rate debt and CP. With these issues, total pro forma debt will rise to $5.3 billion and all debt will be fixed-rate. Bond proceeds from the tax-exempt series will be used to refund up to $250 million in variable-rate debt outstanding and to...

Summary