Strong marks from two major independent providers of credit ratings has led to the refinancing of about $9.6 million of outstanding bonds and the issuance of new debt of about $25 million to help finance the Association's recent purchase of the National Invitation Tournaments. Post-issuance debt, including interest, will be about $37 million.

Standard & Poor's Ratings Services has assigned its "AA" long-term rating to a series of NCAA revenue bonds, and Moody's Inves-tors Service gave the same line of bonds an "Aa2" rating for the NCAA's "stable outlook."