Moody's assigns Aa3 to SUNY dormitory bonds

Moody's Investors Service said it assigned an Aa3 rating to the State University of New York's $131.24 million series 2008 dormitory facilities bonds issued through the Dormitory Authority of the State of New York.

The expected sale date is Aug. 20.

Proceeds will fund renovations to residential facilities on 16 SUNY campuses.

Moody's also affirmed the Aa3 rating on SUNY's outstanding rated dormitory facilities bonds. Including the current offering, SUNY will have about $1 billion of the bonds outstanding. All were issued as fixed-rate bonds, except for $258.9 million, which are in a term mode with fixed rates through July 1, 2013. The outlook remains stable.

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