Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Pennsylvania Higher Educational Facilities Authority?s series 2010 revenue bonds issued on behalf of Thomas Jefferson University (TJU). The 'AA-' rating reflects our assessment of the university's: Strong demand profile for all academic divisions with increasing applications, extremely selective admissions, and solid matriculation rates; Very healthy financial performance, especially for a health sciences university, with consistent generation of operating surpluses on a generally accepted accounting principles (GAAP) basis for the past six years; Good revenue diversity with increasing revenue sources and some budget flexibility; Solid levels of financial resources with cash and investments of $511.6 million, representing 85% of fiscal 2009's operating expenses and 203% of pro forma debt; A
