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Moody's gives Aa2 rating to MoMA bonds
Moody's Investors Service said it assigned Aa2/VMIG1 and Aa2 ratings to the Museum of Modern Art's $196.6 million series 2008-One-A bonds to be issued through the Trust for Cultural Resources of the City of New York.
The expected sale date is July 9.
Of the approximately $196.6 million in total par amount, $25 million will mature in August 2010 and have a mandatory put approximately 12 months after the initial sale, to which Moody's assigned a Aa2/VMIG1 rating based on the museum's internal liquidity. The balance of the series ($171.63 million) is traditional fixed-rate bonds and carries an Aa2 rating. The outlook is stable.
Proceeds will be used to refund the museum's prior series 2000-One-A, 2000-One-B and 2001-One A through C bonds, as well as to pay for costs of issuance.
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