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. The 'A-1+' short-term rating reflects Harvard's ample liquid assets to cover the purchase price of variable-rate demand bonds or commercial paper (CP) notes that have been tendered but not successfully remarketed. Harvard has robust same-day liquid investments to cover any maturing CP or variable-rate demand bonds. Harvard has more than $3.6 billion in discounted assets, which in our view, provides ample coverage of total CP and variable-rate demand obligations outstanding of $349 million on Dec. 31, 2021. The university has demonstrated the policies and procedures necessary to provide self-liquidity and has

...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. The 'A-1+' short-term rating reflects Harvard's ample liquid assets to cover the purchase price of variable-rate demand bonds or commercial paper (CP) notes that have been tendered but not successfully remarketed. Harvard has robust same-day liquid investments to cover any maturing CP or variable-rate demand bonds. Harvard has more than $3.6 billion in discounted assets, which in our view, provides ample coverage of total CP and variable-rate demand obligations outstanding of $349 million on Dec. 31, 2021. The university has demonstrated the policies and procedures necessary to provide self-liquidity and has a long record of managing this risk and maintaining liquidity for this purpose. Harvard's obligation to pay its debt is an unsecured general obligation. The university's total debt was approximately...

Summary