S&P gives Harvard University, Mass., revenue bonds AAA

Standard & Poor's said it assigned an AAA long-term rating to Harvard University, Mass.' $340 million tax-exempt and taxable revenue bonds series 2008B and 2008C.

The agency affirmed the AAA long-term rating on the university's revenue bonds and A-1+ short-term rating on the university's variable-rate demand bonds and commercial paper notes, issued by the university or various authorities.

The outlook is stable.

Proceeds from the series 2008B bond will be used to repay the tax-exempt commercial paper issued for the construction, furnishing and equipping of research facilities, classrooms at the Center of Government and International Studies, the dental school and business school.

Proceeds from the series 2008C bonds will be used to repay the taxable commercial paper issued to fund the acquisition of a hotel.

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