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Rating Action:

Moody's Changes Outlook to Positive and Assigns A3 to NYU Hospitals Center's (NY) Ser. 2016A

02 May 2016

New York, May 02, 2016 -- Issue: Revenue Bonds, Series 2016A; Rating: A3; Rating Type: Underlying LT; Sale Amount: $152,995,000; Expected Sale Date: 05/11/2016; Rating Description: Revenue: Other;

Summary Rating Rationale

Moody's Investors Service assigns an A3 to NYU Hospitals Center's (NYUHC or the Center) Series 2016A bonds to be issued through the Dormitory Authority of the State of New York. The rating outlook is revised to positive from stable. Simultaneously, we are affirming the A3 ratings outstanding on NYUHC's debt. Our action affects approximately $1.27 billion of rated debt.

The assignment and affirmation of the A3 rating reflects NYUHC's strong and sustained margins, clear strategic planning, careful fiscal oversight, and solid demand garnered by a growing clinical footprint. Key challenges include NYUHC's high debt burden, with particular emphasis on modest balance sheet resources, still significant capital plans, integration of several growth strategies and a highly fragmented and competitive market.

Rating Outlook

The positive outlook incorporates our expectation that NYUHC's operating margins are durable affording a moderation of financial leverage with capital to be funded by unused proceeds from prior debt issuances, gifts, FEMA reimbursement, insurance recoveries and some excess cash-flow. The outlook assumes NYUHC's judicious use of its line of credit.

Factors that Could Lead to an Upgrade

Growth of unrestricted cash and investments translating to evidence of moderation of financial leverage

Maintenance of strong operating performance

Smooth absorption of newly affiliated entities

Continued progress in completing campus redevelopment on time and on budget

Factors that Could Lead to a Downgrade

Sustained decline in operating performance

Contraction of balance sheet liquidity

Weakened leverage metrics

Change from current governance structure or deterioration of relationship with NYU

Difficulty integrating new entities leading the system to underperform relative to budget or dilutive acquisition

Legal Security

Bonds are jointly secured by a pledge of gross receipts and a mortgage of certain health care facilities of NYUHC.

Use of Proceeds

The proceeds of the Series 2016A Bonds will be used to (1) currently refund the outstanding Series 2006A bonds, (2) advance refund the outstanding Series 2011A bonds, and (i3) pay certain costs of issuance.

Obligor Profile

NYUHC owns three inpatient acute care facilities in Manhattan and Brooklyn: (1) Tisch Hospital, located in Manhattan on the campus shared with NYU School of Medicine; (2) NYU Hospital for Joint Diseases Orthopaedic Institute, an orthopaedic, neurologic and rheumatologic specialty hospital located in Manhattan, which also houses the Rusk Institute of Rehabilitation Medicine; and (3) NYU Lutheran, located in Brooklyn. NYUHC also operates over thirty ambulatory facilities in Manhattan, Brooklyn, Queens and Long Island.

Methodology

The principal methodology used in this rating was Not-For-Profit Healthcare Rating Methodology published in November 2015. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

Regulatory Disclosures

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Beth Wexler
Lead Analyst
PF Healthcare
Moody's Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New York 10007
US
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Karen Kedem
Additional Contact
Higher Education
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Changes Outlook to Positive and Assigns A3 to NYU Hospitals Center's (NY) Ser. 2016A
No Related Data.
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