Standard & Poor's Rating Services has raised the rating on Northwestern University's debt to 'AAA' from 'AA+'. The outlook is stable. In addition, Standard & Poor's has assigned an 'AAA/A-1+' rating to the Illinois Finance Authority's $125 million variable rate series 2008 bonds, issued for Northwestern University (NU). The upgrade to 'AAA' reflects strong growth in an already large endowment compared with operating expenses and debt, continuation of strong demand, and the expectation that future debt will remain manageable. The 'AAA' rating also reflects: Excellent liquidity, with a long-term investment pool of $7.3 billion as of April 30, 2008, which has grown in part due to NU's sale of 50% of royalty revenues from a drug invented at Northwestern. Strong...
Companies mentioned in this report are:
- Northwestern Univ
- Illinois Finance Authority
Action: New Rating
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