The ratings on New Jersey Education Facility Authority's bonds, issued for the Institute for Advanced Study, reflect: * Significant growth in the Institute's investment pool; * Very strong liquidity relative to both operations and pro forma debt; and * Considerable expenditure control. At fiscal year-end 1997, Institute unrestricted resources totaled $209 million and provided 9.2 times (x) coverage of operating expenses and 4.8x coverage of pro forma debt. The Institute has no plans to issue additional debt, making it likely that the debt liquidity ratio will rise. Series F proceeds will refund outstanding series 1991B bonds. Series G proceeds will fund a building for the School of Natural Sciences, renovation of member housing, various other infrastructure needs, and capitalized interest.
