New York City Trust For Cultural Resources Metropolitan Museum Of Art; Non-Profit Organizations Apr 08
Standard & Poors, April 2008
Abstract
Standard & Poor's Rating Services assigned its 'AAA/A-1+' rating to New York City Trust for Cultural Resources series 2006 revenue bonds, issued for The Metropolitan Museum of Art, which are being converted to weekly from auction-rate mode. In addition, Standard & Poor's affirmed its 'AAA/A-1+' rating on the New York State Dormitory Authority's series 1993A&B bonds, issued for The Metropolitan Museum of Art. The long-term 'AAA' rating reflects: Overwhelming levels of liquidity, with $3.0 billion of investments, compared with just $200 million of outstanding debt; Strong history of fundraising, with more than $1 billion raised in cash and pledges for the current Fund for the Met fundraising campaign; Good revenue diversity, which includes relatively steady funding from New York City;...
Companies mentioned in this report are:
- Metro Museum of Art
- New York City Trust for Cultural Resources
- New York State Dorm Auth
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Metro Museum of Art
- New York City Trust for Cultural Resources
- New York State Dorm Auth
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