Moody's gives underlying A2 to Fordham University bonds

Moody's Investors Service said it assigned an A2 underlying rating to Fordham University's $115 million of revenue bonds, series 2008B, to be issued through the Dormitory Authority of the State of New York.

At this time, Moody's has also affirmed the underlying ratings on the university's outstanding debt.

The university's outlook is positive.

Sale of the bonds is expected on July 8.

The series 2008B bonds are expected to be insured by Assured Guaranty, whose current financial strength rating is Aaa with a stable outlook.

Bond proceeds will be used to finance the construction of a new 450-room residential facility on the Rose Hill campus as well as finance other capital improvements on the Rose Hill and West Harrison campuses, pay costs of issuance and fund a debt service reserve fund.

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