CUSIP 649906RZ9

  • ISIN: US649906RZ90
  • Entity Name: Dormitory Authority State of New York
  • Sector: Sub Sovereign Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Rating Downgrade
  • News: S&P Global Ratings lowered its long-term rating to `AA` from `AA+` on the Dormitory Authority of the State of New York`s series 2009A, 2009C, 2010A, 2012A, and 2012B bonds, issued for Rockefeller University. The outlook for all ratings is stable. In addition, we lowered our dual ratings to `AA/A-1` from `AA+/A-1` on the series 2002A-2 and 2008A bonds. The `AA` long-term rating reflects our long-term rating on Rockefeller. The `A-1` short-term rating on the series 2002A-2 and 2008A bonds reflects our view of the SBPA from JPMorganChase Bank N.A. The SBPAs expire in 2023. The downgrade reflects our view of Rockefeller`s available resources ratios, that while stable, remain low for the rating compared with debt. Since the spring of 2015, Rockefeller has been constructing its River Campus project, over the FDR Drive from 63rd Street to 68th Street, funded from a mix of debt, philanthropy, and internal funds. On completion in spring 2019, the project will provide biomedical lab space, a landscaped green roof, and conference and dining facilities. As Rockefeller does not budget for depreciation expense, full-accrual operating results have been variable historically. The substantial River Campus project will add to the overall expense base and could increase the variability of the institution`s full-accrual results going forward, which we view as an offsetting factor. In the spring of 2019, management plans to refund the outstanding series 2009A and 2009C bonds, and issue roughly $90 million in proceeds from additional debt to fund the completion of the River Campus project. This analysis reflects our opinion of the series 2019 bonds on the rating on Rockefeller, although we are not assigning a rating to the expected series 2019 bonds at this time. The `AA` rating reflects our opinion of Rockefeller`s strong reputation as a premier research organization and its impressive fundraising history. We expect that over time, Rockefeller will grow its available resources such that ratios compared with debt become consistent with the rating category, and provide greater offset to the variable operating results. For Bond Document please visit
  • Description: *****
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