The rating on the Massachusetts Health and Educational Facilities Authority's bonds and notes, issued for the Massachusetts Institute of Technology (MIT), reflects the institute's unconditional GO to pay debt service, supported by: Overwhelming demand, excellent student quality, and increasingly competitive admissions; A preeminent research program; Impressive financial resources; and Low debt. The institute last sold debt in 1998 to refinance $25 million in outstanding variable rate demand bonds and a $34.2 million bank note used to renovate an academic building on campus. The institute is updating its already-updated capital plan and expects to sell either commercial paper or long-term debt in 2001 in order to finance significant facilities needs on campus. Areas of focus will include student residences, instruction and
