Memorial Sloan Kettering Cancer Center, NY Revenue Bond Rating Lowered To 'AA-' On Increased Debt Nov 11

Standard & Poors, November 2011

Abstract
NEW YORK (Standard & Poor's) Nov. 28, 2011--Standard & Poor's Ratings Services has lowered its long-term rating and underlying rating (SPUR) on various series of New York State Dormitory Authority's health care revenue bonds, issued for Memorial Sloan Kettering Cancer Center (MSKCC), to 'AA-' from 'AA'. Standard & Poor's has also assigned its 'AA-' long-term rating to MSKCC's $400 million series 2011 taxable revenue bonds. The outlook is stable. The 'AA-' rating on the series 2011 bonds and the downgrade on MSKCC's existing rated debt reflect a sizable debt increase that occurs over a two-year period (2010 to 2012) that negatively affects key financial metrics, including cash to pro forma debt, pro forma leverage, pro forma debt burden, and pro...

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

Action: Downgraded
Action: New Rating
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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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

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