Two of the nations most respected bond rating firms, Moody's Investors Service and Standard & Poor's, recently assigned "Aaa" and "AAA" ratings, respectively, to Exeter's Series 2003 Variable Rate Demand Revenue Bonds, which are being issued through the New Hampshire Health and Education Facilities Authority and underwritten by George K. Baum & Company. The ratings are the highest offered by the two companies and indicate tremendous confidence in the Academy's financial outlook. Assigned in June, the ratings are based on the overall strength of the Academy as evidenced by such factors as admissions yield, SAT scores, endowment size, endowment per student and quality of management. Proceeds from the $25 million bond issue will be used for the renovation and equipping of various Academy facilities.