Standard&Poor's Ratings Services assigned its 'AA+/A-1+' rating to Illinois Finance Authority's $135 million adjustable-rate revenue bonds series 2004, issued for Northwestern University. The 'AA+' long-term rating reflects the university's: Exceptional student quality and strong student demand, with a freshman selectivity rate of 34%; Strong liquidity, supported by a large endowment of $3.7 billion; History of balanced financial operations, with a $96 million operating surplus generated in fiscal 2003; Successful fund-raising efforts, exceeding the recent $1.4 billion campaign goal, and strong annual fund-giving; Stable and prestigious board that has made significant financial contributions to the school; and Manageable debt burden. The 'A-1+' short-term rating reflects Northwestern's own liquidity and ability to meet CP rollovers and failed remarketing of the
