<p>In response to a comment above, only 2 public universities in the US have maintained the top bond rating from all 3 major agencies. One is UVa. I believe the other is Indiana U.</p>
<p>Some of the colleges in the most financial trouble avoid the public bond market, and therefore do not have a bond rating.</p>
<p>When the bond agencies review a college, two of the things they like to see a high yield rate and a relatively low acceptance rate. They like to see that a college would have room to slightly lower admission standards if needed in the future, to fill up their classes.</p>
<p>Also, endowment can be deceiving. Some colleges have debt that is larger than their endowment.</p>