SBPA

Rutgers, The State Univ. of New Jersey, NJ — Moody’s withdraws P-1 rating on Rutgers University, NJ’s CP Series E in conjunction with SBPA expiration

Rating Action: Moody’s withdraws P-1 rating on Rutgers University, NJ’s CP Series E in conjunction with SBPA expiration

New York, July 31, 2020 — Moody’s Investors Service has withdrawn the P-1 rating on Rutgers, The State University of New Jersey’s (NJ) General Obligation Commercial Paper Series E (Federally Taxable), in conjunction with the expiration of the standby bank purchase agreement (SBPA) associated with this series of commercial paper. We maintain a P-1 rating on General Obligation Commercial Paper Series A (Tax-Exempt), Series B (Tax-Exempt), Series C (Federally Taxable), and Series D (Extendable Tax-Exempt), which are supported by a separate SBPA. We also maintain Aa3 and Aa3/VMIG 1 on approximately $2.1 billion of outstanding debt as well as the Aa3 on proposed approximately $200 million General Obligation Refunding Bonds, 2020 Series S (Federally Taxable), which was assigned on February 24, 2020. The outlook for the long-term underlying debt is stable.

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