2009-11-13 19:39:05 -

Fitch Ratings affirms its short-term 'F1+' rating on approximately $520.1 million of outstanding variable rate demand general receipts bonds issued by The Ohio State University (OSU or the university).

The 'F1+' rating reflects OSU's internal liquidity and the availability of highly liquid, highly rated securities to cover a potential failed remarketing of its variable-rate demand general receipts bonds and/or a rollover of its outstanding commercial paper (CP) notes by a minimum of 1.25 times (x), pursuant to Fitch's short-term rating guidelines. OSU's CP program has an authorized maximum capacity of $227 million through Feb. 1, 2010.

As of Sept. 30, 2009, OSU had approximately $1.136 billion of short- and intermediate-term investments, consisting of cash, cash equivalents, and mutual funds. Based on this

level of internal liquidity, OSU would be able to fund its currently outstanding $520.1 million of variable rate bonds and $75 million of CP notes approximately 1.9x in the event they were unable to be remarketed.

OSU was founded in 1870 and is one of 13 state-supported institutions in Ohio with a fall 2008 headcount enrollment of 61,568 students. Its main campus and the OSU Health System (OSUHS) are located in Columbus, with extended campuses located in Lima, Mansfield, Marion, Newark, and Wooster. OSUHS comprises four hospitals and over a dozen primary and specialty care sites throughout central Ohio.

Additional information is available at www.fitchratings.com : .

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Fitch Ratings, New YorkMary Catherine Messner, CFA, FRM,

+1-212-908-0738Media Relations:Cindy Stoller, +1-212-908-0526 cindy.stoller@fitchratings.com : mailto:cindy.stoller@fitchratings.com