New York, July 23, 2015 -- Dowling College, NY's (Ca negative) announcement on July 20 it entered into a forbearance agreement with its creditors on the Series 1996, 2002 and 2006 (not rated) bonds through June 30, 2016 is deemed default as the development indicates the payment will not be met through the originally scheduled terms, Moody's Investors Service says in a new report.

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