Moody’s Investors Service affirmed the A1 rating on Jackson Laboratory’s fixed-rate series 2007 revenue bonds, issued through the Association of Bay Area Governments Finance Authority for Nonprofit Corporations, with a stable outlook.
The rating agency cited a healthy market position, revenue diversification through the operation of large, not-for-profit mice sales, and a history of positive operating performance.
Jackson Laboratory is an independent research organization focused on biomedical and genetics research and has its main research campus in Bar Harbor, Maine.
The ABAG bonds were issued for a Sacramento, Calif., facility, and the organization plans a new genetics research center in Farmington, Conn., on the University of Connecticut Health Center’s campus.
The rating agency said the outlook reflects strong operating cash flow, growth of unrestricted liquidity and the long-term development of the Connecticut site.