July 7, 2000

Ratings of Academe by Standard & Poor's

To the Editor:

Margie Burns's essay contained several misperceptions regarding the purpose and intent of Standard & Poor's long-term-debt ratings of higher-education institutions ("The Standard & Poor's Canon: a Humanistic Rating," Opinion, May 19). First of all, ... a bond rating assigned by Standard & Poor's expresses our opinion as to a borrower's willingness and ability to repay its debt -- otherwise known as credit quality -- to investors on

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