NEW YORK - Moody's Investors Service said it has affirmed its Baa1 rating on the National Aquarium in Baltimore's (NAIB) Series 2002A variable-rate demand bonds and Series 2002B fixed-rate bonds which were issued through the Maryland Industrial Development Financing Authority.
The rating action impacts $29.7 million of rated debt.
The aquarium's outlook has been revised to stable from negative reflecting improved operating performance in FY 2009, expense containment in light of pressured attendance during FY 2010, and recent establishment of clear guidelines including financial targets and limitations on future support to affiliated entities.
The financial data presented in this report is for the National Aquarium Institute (NAI), which is largely comprised of the National Aquarium in Baltimore and the National Aquarium in Baltimore Foundation (Foundation), but also includes a modest amount of financial activities for The National Aquarium Society and the Center for Aquatic Life and Conservation (CALC) both of which are not part of the Obligated Group responsible for debt service payments on the Series 2002A and 2002B bonds. The Foundation is a distinct 501(c)(3) not-for-profit organization with a separate board from NAIB's board.
The Foundation was created primarily through transfer of operating surpluses from NAIB and is responsible for managing NAIB's investments and providing capital grants to NAIB.
