Moody's rates N.Y. University bonds Aa3

Moody's Investors Service said it assigned a rating of Aa3 to New York University's series 2008A, B, C and D bonds to be issued through the Dormitory Authority of the State of New York.

The sale of $292 million series 2008A bonds, $229 million 2008B bonds, $97 million 2008C bonds and $14 million 2008D bonds is expected on June 11.

In addition, Moody's assigned a rating of Aa3 to other outstanding debt of the university issued through the Dormitory Authority as well as through the New York City Industrial Development Agency.

The outlook is stable.

Proceeds of the series 2008 bonds will be used to acquire and renovate an office building, a residential facility and retail space; reconstruct and renovate various buildings at the Washington Square campus; purchase equipment and information systems; refinance a line of credit used to purchase the series 2004B auction-rate bonds; and pay capitalized interest and costs of issuance.

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