New York City Trust For Cultural Resources Metropolitan Museum Of Art; Non-Profit Organizations Apr 08
- ID: 1953884
- April 2008
- Region: New York
- Standard & Poors
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
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Research Type: Full Analysis