Summary: Memorial Sloan-kettering Cancer Ctr, NY; Health Care, Hospital Dec 01

Standard & Poors, December 2001

Abstract
The rating on the New York State Dormitory Authority's bonds, issued for Memorial Sloan-Kettering Cancer Center, reflects: Very strong institutional characteristics, highlighted by demonstrated clinical quality, a sizable research base, and a strong market position in the sizable New York metropolitan area; An excellent balance sheet, including light pro forma leverage of 23% and pro forma unrestricted liquidity of $1.66 billion, equal to 612 days' cash and 276% of pro forma debt; Historically strong bottom lines and cash flow, as demonstrated by a 17.5% bottom line in 2000, which are highly dependant on non-operating income, and in fact recent weak investment performance and philanthropic revenues have significantly diminished results during fiscal 2001 to essentially break even; Good revenue diversity, with...

Companies mentioned in this report are:
- Memorial Sloan Kettering Cancer Ctr
- New York State Dorm Auth

Action: New Rating

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.

- Memorial Sloan Kettering Cancer Ctr
- New York State Dorm Auth

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