Ohio State Univ. to Sell $70M of Notes, With More to Come.

Ohio State University plans to issue $70 million of commercial paper notes backed by the university's liquidity on June 12, 2003. It is the first deal under a $430 million authorization of which about $200 million of notes will likely be issued within the next 18 months. It also plans to issue about $260 million of long-term debt in July 2003. Credit rating companies Moody's Investors Service Inc. assigned its P-1 rating with a stable outlook to the university's overall authorized amount while Standard & Poor's Corp. assigned its A-1 plus rating for the commercial paper.