Moody's assigns Aaa to Harvard taxable bonds

Moody's Investors Service said it assigned an Aaa rating to Harvard University's $336 million series 2008B and 2008C (taxable) bonds.

The outlook is stable.

The bonds will be issued as fixed-rate bullet securities, with $115.68 million of series 2008C bonds maturing in 10 years and $220.6 million maturing in 30 years.

Sale of the bonds is expected on June 3.

Moody's also affirmed its Aaa, Aaa/VMIG1 and P-1 ratings on Harvard's $4 billion previously issued bonds and commercial paper programs.

Series 2008B and 2008C proceeds will be used to permanently finance capital projects previously financed with outstanding commercial paper.

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