Two investment rating services have given Cornell University's bonds high ratings, indicating they consider the university to be in good financial health.

Standard & Poor's Corp. recently announced it had assigned its AA rating on the Dormitory Authority of the State of New York's $132 million revenue bonds series 1996, issued for Cornell. At the same time, Moody's Investors Service issued a Aa rating on the bond series.

Additionally, Standard & Poor's affirmed its ratings on the authority's bonds, issued for the university, as follows:

• $285.5 million revenue bonds series A, E, 1984, 1985, 1986, 1990A, 1993 at AA.
• $60 million multimodal variable rate series 1990B at AA/A1-plus.

"I am pleased at this reaffirmation of the overall financial strength and stability of Cornell," said Frederick A. Rogers, senior vice president and chief financial officer. "This reflects well on the work of the past five years to adapt to changing economics in higher education and is a real endorsement of the current leadership and directions of the university."

The Moody's report noted that "overall balance sheet liquidity remains above average, but not extraordinary. Endowment has grown significantly in the past three years, in part because of investment performance, but also because the university is receiving the proceeds from its concluding $1.5 billion capital campaign, of which $1.2 billion has been received in cash."

The Standard & Poor's rating "reflects a stable enrollment, strong student quality, consistent operating surpluses, a large endowment, and improved liquidity," the report said. It also "reflects the expectation that Cornell will continue to be a selective institution, generating sufficient surpluses to support operating needs," the report said.

The university's financial outlook got a boost in December, when Cornell officials announced the completion of a record-breaking capital campaign that raised $1.5 billion for endowment, student financial aid, program enhancement and various capital projects.

Enrollment has remained stable at about 19,500, and no growth is planned for the foreseeable future. The university remains highly selective, Standard & Poor's reported, accepting 33 percent of undergraduate applicants in 1996, and enrolling students with average SAT scores of 1350. The graduate programs also are very selective, with the medical school accepting 3 percent of applicants, the veterinary school 15 percent and the law school 27 percent.

Cornell's fiscal operations historically have been strong, with balanced budgets, strong enrollment, robust research and donor support. Total endowment at fiscal year-end 1995 was $1.6 billion, an increase of 26 percent from 1994.