Standard&Poor's Ratings Services assigned its 'AAA' standard long-term rating to Massachusetts Health and Educational Facilities Authority's series O revenue bonds, issued for Massachusetts Institute of Technology (MIT). Standard&Poor's also affirmed its 'AAA' long-term and 'A-1+' short-term ratings on debt previously issued for MIT. The ratings reflect the institute's unconditional general obligation pledge, supported by: A preeminent research institute with $1.25 billion in research revenues in fiscal 2008 ; Strong financial resources provided by an endowment and similar funds of $10.1 billion as of June 30, 2008, however, estimates are that the endowment is down between 20% and 25% as of Oct. 31, 2008; Overwhelming demand, excellent student quality, and increasingly competitive admissions; Strong financial performance through
