NEW YORK, May 2, 2017 /PRNewswire-USNewswire/ -- Citing NYU's rapid transformation into a globally competitive research university, strategic revenue growth, increasing global presence and prominence, strong and increasing donor support, and improved operating performance, among other factors, Moody's Investors Service has assigned a Aa2 rating with a stable outlook to the planned issuance of $652 million of fixed-rate revenue bonds. The bonds will be issued by the Dormitory Authority of the State of New York.
The Aa2 rating is an upgrade; NYU's last bond issuance was rated Aa3. Moody's concurrently upgraded previous revenue bonds from Aa3 to Aa2.
Money from the upcoming bond sale will be used for renovations, improvements, upgrades, and projects at NYU's Tandon School of Engineering (Rogers Hall); the NYU School of Medicine's new science building; the new home for NYU's College of Global Public Health at 708 Broadway; NYU's high-efficiency co-generation facility; and refinancing of earlier bond series.
Martin Dorph, Executive Vice President for Finance & Information Technology, said, "We're pleased by Moody's upgrading of our bonds, which recognizes NYU's many strengths. More importantly, the upgrade acknowledges the contributions of all members of our community in executing our academic and institutional mission – our faculty, who are the source of our academic strength; our development operation; our admissions team; and management throughout NYU."
Contact: John Beckman
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SOURCE New York University