Moody's cuts NY's Memorial Sloan-Kettering Cancer Ctr rating

Wed Nov 21, 2012 2:20pm EST

Nov 21 (Reuters) - Moody's Investors Service on Wednesday said it cut New York's Memorial Sloan-Kettering Cancer Center's debt rating to Aa3 from Aa2, affecting about $1.9 billion of pro-forma rated debt.

The rating agency also assigned its Aa3 rating to up to $400 million of taxable fixed-rate revenue bonds that the center is expected to sell in late November.

The outlook remains stable, the rating agency said in a statement.

The rating downgrade reflects the center's capital construction plans over the next decade to build many new sites, which will result in an increase in debt.