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University Debt and Credit Ratings (6-30-11)

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					                                                                           University Debt and Credit Ratings
                                                                                          As of June 30, 2011


                                                                                                             CURRENT RATINGS                             TAXABLE /           PRINCIPAL
                                                                     DATE                                (ENHANCED / UNENHANCED) *       INTEREST                  MATURITY
      ISSUING ENTITY                    DEBT ISSUE                              DEBT STRUCTURE                                                             TAX-               AMOUNT
                                                                    ISSUED                                                               RATES (%)                   DATE
                                                                                                                                                          EXEMPT            OUTSTANDING
                                                                                                           Moody's             S&P
                                                                   7/8/2008 /                                 Aa2
 University of South Florida          ISSUER RATING                                                                             AA-
                                                                   8/15/2009                            (recalibrated 2010)



                                  Bookstore Revenue Bonds,
 University of South Florida                                       10/17/1994     Fixed Rate Bonds         Baa1 / NR            NR        5.90 - 6.00    Tax Exempt       2016    $2,981,942
                                        Series 1994
                               Parking Facility Revenue Bonds,
 University of South Florida                                       11/21/2002     Fixed Rate Bonds          Aa3 / A1          NR / AA-    3.10 - 4.75    Tax Exempt       2023    $8,652,996
                                         Series 2002
                               Parking Facility Revenue Bonds,
 University of South Florida                                       10/14/2004     Fixed Rate Bonds          Aa3 / A1          NR / AA-    3.00 - 5.00    Tax Exempt       2024   $10,733,413
                                        Series 2004A
                               Parking Facility Revenue Bonds,
 University of South Florida                                        8/2/2006      Fixed Rate Bonds          Aa3 / A1          NR / AA-    4.00 - 5.00    Tax Exempt       2026   $14,055,585
                                        Series 2006A

   TOTAL UNIVERSITY                                                                                                                                                              $36,423,936

                                 Certificates of Participation,
 USF Financing Corporation                                         5/25/2005      Fixed Rate Bonds         Caa2 / A1           A/A        3.00 - 5.38    Tax Exempt       2023   $37,750,000
                                Series 2005A - Housing System
                                 Certificates of Participation,                 VRDBs / Synthetically
 USF Financing Corporation                                         5/25/2005                                Aa2 / A1          AA / NR        3.22        Tax Exempt       2035   $90,450,000
                                Series 2005B - Housing System                         Fixed
                                 Certificates of Participation,
 USF Financing Corporation      Series 2005C - Housing System      1/19/2006      Fixed Rate Bonds         Caa2 / A1           A/A        3.25 - 5.00    Tax Exempt       2036   $39,930,000
                                        (Student Center)
                                 Certificates of Participation,                 VRDBs / Synthetically
 USF Financing Corporation                                         9/25/2007                                Aa2 / A1          AA / NR        3.55        Tax Exempt       2037   $72,175,000
                                   Series 2007 - Housing                              Fixed
                                 Certificates of Participation,
 USF Financing Corporation                                         12/23/2010     Fixed Rate Bonds          NR / A1            NR / A        4.42        Tax Exempt       2020    $2,860,000
                                Series 2010A - Housing System
                                 Certificates of Participation,                                                                          8.50 (gross) /    Taxable /
 USF Financing Corporation                                         12/23/2010     Fixed Rate Bonds          NR / A1            NR / A                   Federal Subsidy
                                                                                                                                                                          2040   $15,140,000
                                Series 2010B - Housing System                                                                              5.53 (net)
                                  Certificates of Participation,                VRDBs / Synthetically
 USF Financing Corporation                                         3/16/2006                               Aa1 / NR           A- / NR        3.58        Tax Exempt       2036   $45,020,000
                                 Series 2006A - Health System                         Fixed
                                 Certificates of Participation,                 VRDBs / Synthetically
 USF Financing Corporation                                         11/19/2007                              Aa1 / NR           A- / NR        3.40        Tax Exempt       2037   $22,365,000
                                 Series 2007 - Health System                          Fixed
                               Bank Loan, Build America Bonds,                                                                           6.17 (gross) /    Taxable /
 USF Financing Corporation                                         12/15/2010     Fixed Rate Bonds          NR / NR           NR / NR                   Federal Subsidy
                                                                                                                                                                          2031   $20,000,000
                                    Series 2010 - CAMLS                                                                                    4.01 (net)


*NR - Not Rated                                                                                                                                                                                1 of 2
                                                                             University Debt and Credit Ratings
                                                                                            As of June 30, 2011


                                                                                                            CURRENT RATINGS                           TAXABLE /           PRINCIPAL
                                                                       DATE                               (ENHANCED / UNENHANCED) *   INTEREST                  MATURITY
      ISSUING ENTITY                      DEBT ISSUE                              DEBT STRUCTURE                                                        TAX-               AMOUNT
                                                                      ISSUED                                                          RATES (%)                   DATE
                                                                                                                                                       EXEMPT            OUTSTANDING
                                                                                                           Moody's         S&P
 USF Financing Corporation         Certificates of Participation,
                                                                      3/6/2003      Fixed Rate Bonds       NR / NR          NR            3.14        Tax Exempt       2022     $9,905,000
   (assigned from Foundation)    Series 2003A - Athletics Facility
                                Bank Loan, Build America Bonds,                                                                       8.02 (gross) /    Taxable /
 USF Financing Corporation                                           1/15/2010      Fixed Rate Bonds       NR / NR       NR / NR                     Federal Subsidy
                                                                                                                                                                       2030    $10,000,000
                                 Series 2010A - Athletics System                                                                        5.21 (net)
                                Bank Loan, Build America Bonds,                                                                       6.17 (gross) /    Taxable /
 USF Financing Corporation                                           12/15/2010     Fixed Rate Bonds       NR / NR       NR / NR                     Federal Subsidy
                                                                                                                                                                       2031    $13,500,000
                                 Series 2010B - Athletics System                                                                        4.01 (net)
   TOTAL FINANCING
                                                                                                                                                                              $379,095,000
   CORPORATION
                                 Variable Rate Demand Bonds,                      VRDBs / Synthetically
 USF Research Foundation                                             11/23/1999                            Aa3 / NR         NR            4.46        Tax Exempt       2019     $7,600,000
                                Series 1999 - Research Buildings                        Fixed
                                  Variable Rate Demand Bonds,                     VRDBs / Synthetically
 USF Research Foundation                                             8/24/2004                             Aa3 / NR         NR            3.52        Tax Exempt       2034    $18,455,000
                                Series 2004A - Research Buildings                       Fixed
                                  Variable Rate Demand Bonds,                     VRDBs / Synthetically
 USF Research Foundation                                             8/24/2004                             Aa3 / NR         NR            5.17          Taxable        2034     $2,580,000
                                Series 2004B - Research Buildings                       Fixed
                                  Variable Rate Demand Bonds,                     VRDBs / Synthetically
 USF Research Foundation                                             8/24/2004                             Aa3 / NR         NR            5.26          Taxable        2034    $10,635,000
                                Series 2004C - Research Buildings                       Fixed
   TOTAL RESEARCH
                                                                                                                                                                               $39,270,000
   FOUNDATION


   TOTAL UNIVERSITY &
                                                                                                                                                                              $454,788,936
   AFFILIATE DEBT




*NR - Not Rated                                                                                                                                                                              2 of 2

				
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