New York Public Library Gets Rating Upgrade as Gifts Flow In
- With $1.5 billion of net assets, it has less need to borrow
- Moody’s boosts rating on $185 million of library’s bonds
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The New York Public Library’s bonds were upgraded, thanks in part to its friends in high places.
Moody’s Investors Service raised its rating on $185 million of taxable debt one notch to Aa3, its fourth-highest investment grade. The company cited steady philanthropic support that left it with $1.5 billion of net assets by the end of June, reducing its need to sell more debt to finance projects and allowing it to use its endowment to support operations.