Moody's affirms Memorial Sloan Kettering, N.Y., bonds

Moody's Investors Service said it affirmed the Aa2 long-term and underlying ratings on Memorial Sloan Kettering Cancer Center's $1.2 billion of outstanding revenue bonds issued through the Dormitory Authority of the State of New York.

The outlook is stable.

The affirmation is in connection with Memorial Sloan Kettering's plan to either convert or refund the entirety of its $450 million auction-rate portfolio (consisting of the series 2002 bonds) to fixed rate. The series 2002 bonds are insured by Ambac and currently carry Ambac's claim-paying rating of Aaa (with a negative outlook).

Once this transaction has been completed, Memorial Sloan Kettering will have 100% fixed-rate debt.

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