New York Public Library Variable-Rate Debt Gets S&P Rating Boost

Adjustable-rate bonds issued for the New York Public Library had their credit rating raised one level to AA- from A+ by Standard & Poor’s, which cited the institution’s modest debt burden.

The ratings firm also gave the library’s credit a stable outlook, citing New York City’s consistent support, a successful fundraising record and its role as a pre-eminent cultural institution, according to a report yesterday. The bonds, issued in 1999 by the New York State Dormitory Authority, mature in July 2028.

The library has about $76 million of variable-rate municipal debt, according to data compiled by Bloomberg.

Owners of the library’s securities include JPMorgan Chase & Co., Goldman Sachs Group Inc. and Franklin Resources Inc., according to the latest company filings compiled by Bloomberg.

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