The long-term component of the rating on Western Michigan University Board of Trustees' series 2002B bonds is based on a municipal bond insurance policy provided by Ambac Assurance Corp. ('AAA'). The short-term component of the rating is based on a standby bond purchase agreement (SBPA) provided by Bank of New York ('AA-/A-1+'). The underlying rating reflects the university's: Historically strong financial support from the 'AAA' rated state of Michigan; Strong demand trends, evidenced by growing enrollment, some improvement in selectivity, and fairly stable matriculation rates; A history of balanced financial operations; and Successful fundraising efforts. (For a more detailed description of the underlying rating, please refer to Western Michigan University Board of Trustees summary analysis on RatingsDirect, published June 19,
