New York's Metropolitan Museum of Art, home to the 2,000-year-old Temple of Dendur, plans to sell $250 million of taxable debt to finance infrastructure projects.
The offering gets the highest ratings from Moody's Investors Service and Standard & Poor's. The museum, founded in 1870, had $172 million of debt as of June 30, 2014, according to its latest annual report. It houses the temple, an Egyptian sandstone structure completed by 10 B.C., and Vincent van Gogh's "Self-Portrait with a Straw Hat," from 1887.
The credit score "reflects our view of the museum's general-obligation pledge, with a large endowment, experienced and capable management, and good revenue diversity" Laura Kuffler-Macdonald, an S&P analyst, wrote in a Jan. 20 report.
The deal, scheduled for Jan. 26, will finance capital improvements over a decade, according to a Moody's report.
In its last debt sale, the Met offered $130 million of tax- exempt securities in 2006 through New York City's Trust for Cultural Resources.
