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According to Bloomberg.com, the Moody's credit rating on San Diego Natural History Museum bonds has been lowered four notches to Caa2, which is a high-risk, highly speculative rating. The bonds were cut from B1, which is a medium rating. Affected are $12.4 million in debt backed by museum revenue. Moody's also lowered the museum's outlook to negative from stable. Moody's was specifically aiming at certificates of participation, a type of revenue bond in which investors get a share of lease payments. The number of visitors to the Balboa Park museum plunged 44% in the fiscal year ended June 30, as membership declined 45%, says Bloomberg. Fifteen employees were fired, leaving a full-time staff of 100 that took pay cuts of as much as 15%. The museum reported a $3.2 million operating loss on revenue of $12.7 million for the year ended June 30, reports Bloomberg. The number of visitors dropped to 378,087 from 674,309 the previous year.
According to Bloomberg.com, the Moody's credit rating on San Diego Natural History Museum bonds has been lowered four notches to Caa2, which is a high-risk, highly speculative rating. The bonds were cut from B1, which is a medium rating. Affected are $12.4 million in debt backed by museum revenue. Moody's also lowered the museum's outlook to negative from stable. Moody's was specifically aiming at certificates of participation, a type of revenue bond in which investors get a share of lease payments. The number of visitors to the Balboa Park museum plunged 44% in the fiscal year ended June 30, as membership declined 45%, says Bloomberg. Fifteen employees were fired, leaving a full-time staff of 100 that took pay cuts of as much as 15%. The museum reported a $3.2 million operating loss on revenue of $12.7 million for the year ended June 30, reports Bloomberg. The number of visitors dropped to 378,087 from 674,309 the previous year.