From the UC-Berkeley Daily Californian:
Fitch Ratings announced Thursday that bonds issued by the University of California have been rated AA+.
The UC Board of Regents has issued $1.7 billion of AA+ bonds with a stable rating outlook to be sold by negotiation the week of Feb. 25. Fitch cites the university’s exceptional reputation and successful fiscal management as primary reasons for the bonds’ high rating… In addition to (other) positive indicators, Fitch has stated that it regards the university’s diverse revenue base as a favorable credit factor. Decreasing reliance on state funding has provided a measure of safety against future cuts…
Full article at http://www.dailycal.org/2013/02/18/fitch-assigns-uc-bonds-aa-rating/
For whatever reason, it’s good to be (almost) on top of the rating scale: