TITLE

Moody's Upgrades Manhattan's Museum of Modern Art

AUTHOR(S)
O'Brien, Elizabeth
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/11/2005, Vol. 351 Issue 32047, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Moody's Investors Service Inc. upgraded its rating on the Museum of Modern Art's (MoMA ) long-term debt to Aa3 from Al, a boost largely based on the museum's successful completion of its new facility in midtown Manhattan. The one-notch upgrade affects $350 million of outstanding debt issued through the Trust for Cultural Resources of the City of New York. Some $40 million of the bonds affected by the rating action were issued in 2000 for the purchase and renovation of a warehouse in Queens, New York City, that served as MoMA's temporary home during a rebuilding which was completed ahead of schedule, according to Moody's.
ACCESSION #
15630726

 

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