Summary: Dormitory Authority of the State of New York Rockefeller University; Private Coll/Univ - General Obligation Jan 08

Standard & Poors, January 2008

Abstract
Standard & Poor's Ratings Services affirmed its 'AAA' long-term rating and 'A-1+' short-term rating on Dormitory Authority of the State of New York's debt, issued for Rockefeller University. The rating reflects the university's GO pledge, which is supported by: A world-class reputation in the field of biomedical research, with strong levels of federal and private funding; Strong management and a prominent, dedicated board with an impressive record of giving; Investments of nearly $2.2 billion as of Oct. 31, 2007, highlighted by excellent investment performance and portfolio diversity; Solid levels of unrestricted resources relative to operations and debt; and A somewhat high, but manageable, debt burden. An offsetting factor is financial operations that are not balanced on a GAAP basis. Rockefeller...

Companies mentioned in this report are:
- Rockefeller Univ
- New York State Dorm Auth

Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Rockefeller Univ
- New York State Dorm Auth

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