Washington, D.C.—On August 24, Moody’s Investors Service affirmed its highest rating—Aaa/VMIG1—on the Carnegie Institution’s Series 1993, 2002, and 2006 bonds. Only 37 other higher education institutions and not-for-profit organizations are currently rated in this category, the highest ranking awarded to this group. The rating is based on Carnegie’s numerous financial strengths and reflects Moody’s expectation that “the Institution’s balance sheet and liquidity will continue to provide a solid cushion for debt and operations and that the Institution will successfully manage the impact of lower investment values on its operations.” Moody’s outlook for the rating is stable.

Moody’s cited numerous strengths that led to the rating, including a large balance sheet, a strong market position as an advanced research institution with diversified funding sources, and “improved operating performance in recent years.” Moody’s also believes that the institution has a sufficient “cushion of liquidity” for any short-term needs, if they arise.

“In these challenging economic times, it is particularly gratifying to be given this commendable rating,” remarked Carnegie president Richard A. Meserve. “A strong financial footing is essential for the institution to fulfill its mission of advancing basic scientific research.”

The Series 1993B and Series 2006 bonds are issued through California Educational Facilities Authority, while the Series 2002 bond is issued through Maryland Health and Higher Education Facilities Authority.

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