S&P rates Rockefeller University revenue bonds AAA/A-1+

Standard & Poor's said it assigned its AAA/A-1+ rating to the series 2002A2 and 2005A variable-rate revenue bonds issued by the Dormitory Authority of the State of New York on behalf of Rockefeller University.

S&P also affirmed its AAA/A-1+ ratings on the series 1998A and 2008A bonds and affirmed its AAA rating on the series 1998 bonds.

Rockefeller is converting the outstanding series 2002A2 and 2005A issues, which are currently auction-rate bonds, to variable-rate demand obligations and is simultaneously increasing its dedicated line of credit with JPMorgan Chase to nearly cover the full amount of the pro forma variable-rate demand obligations, which will be equal to about $245 million.

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