The Dormitory Authority of the State of New York is scheduled to sell $205 million of new-money and refunding bonds for New York University this week, following a one-day retail order period. Bank of America Merrill Lynch is the lead underwriter.
Standard & Poor’s rated the bonds AA-minus based on positive operating performance and assigned a stable outlook. S&P credit analysts also affirmed their AA-minus rating and underlying rating on the university’s parity debt, as well as the school’s AA-minus issuer credit rating.
“The stable outlook reflects our expectation that over the next two years future debt issuance will be commensurate with an increase in financial resources, buoyed by continued strong fundraising,” said analyst Bobbi Gajwani.