SCRIPPS RESEARCH INSTITUTE, CA -- Moody's Updates Details of Scripps Research Institute, CA's Series 2016; No Rating Action

New York, August 09, 2016 -- Moody's Investors Service, ("Moody's") reports that the change in sale amount for The Scripps Research Institute's Series 2016 bonds and splitting of the series will have no impact to the assigned A1 rating. The total sale amount is being reduced from approximately $147 million to $50 million due to delayed permit approvals for the new building project. Management had plans to build a new research building on campus. These plans are on hold while management re-evaluates the institute's space needs. The series will be split into two sales: Revenue Refunding Bonds, Series 2016A with an expected par amount of approximately $34 million; and Revenue Bonds, Series 2016B (Federally Taxable) with a par amount of $16 million. The net new money issuance is $16 million to be used for campus improvements. Scripps expects to issue additional bonds if the new building project moves forward.

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