The rating revision on Massachusetts Institute of Technology's (MIT) $125 million series J-1 bonds reflects the fact that the bonds are now selling as variable-rate demand bonds, rather than fixed-rate bonds as originally planned. MIT is providing its own liquidity to support the series J-1 variable-rate demand bonds, as well as the series J-2 variable-rate demand bonds—for which the rating was released during the week of May 21. Initially, bonds will be offered in a weekly mode; but MIT has the option of issuing daily, flexible, semiannual, or fixed-rate obligations. In the daily mode, MIT will be notified by 11:15 A.M. (eastern time) of any bonds tendered but not remarketed and has until 3:00 P.M. to remit funds to the
