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Moody's rates Philadelphia Museum of Art bonds Aa2/VMIG1
Moody's Investors Service said it assigned a rating of Aa2/VMIG1 to $68.56 million industrial development revenue bonds issued by the Philadelphia Authority for Industrial Development for the Philadelphia Museum of Art Project.
The expected sale date is June 17.
The rating is based on a letter of credit provided by Citizens Bank of Pennsylvania, rated Aa2 for long-term deposits and Prime-1 for short-term deposits. The long-term rating of the bank is on watch for downgrade.
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