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

S&P Global Ratings affirmed its 'AAA' long-term rating and 'A-1+' short-term rating on various debt issued by and for Harvard University (Harvard), Mass. The outlook, where applicable, is stable. Harvard's obligation to pay its debt is an unsecured general obligation. The university's total debt and capital leases were approximately $5.4 billion on June 30, 2020, with 95% fixed-rate and 5% variable-rate debt and commercial paper (CP). Over the past several years, the university has dramatically restructured its debt portfolio, moving from one that was heavily concentrated in variable-rate demand bonds and CP to one that is far more predictable. Harvard also has $768 million in operating leases outstanding, which we consider moderate. As a result of the COVID-19 pandemic, Harvard

...S&P Global Ratings affirmed its '###' long-term rating and 'A-1+' short-term rating on various debt issued by and for Harvard University (Harvard), Mass. The outlook, where applicable, is stable. Harvard's obligation to pay its debt is an unsecured general obligation. The university's total debt and capital leases were approximately $5.4 billion on June 30, 2020, with 95% fixed-rate and 5% variable-rate debt and commercial paper (CP). Over the past several years, the university has dramatically restructured its debt portfolio, moving from one that was heavily concentrated in variable-rate demand bonds and CP to one that is far more predictable. Harvard also has $768 million in operating leases outstanding, which we consider moderate....

Summary