Lyric Opera again receives A1 Rating from Moody's
For Immediate Release:
Friday, September 10, 2010
Lyric Opera again receives A1 Rating from Moody’s
William Mason, general director of Lyric Opera of Chicago, announced today that the company’s A1 public issuer credit rating from Moody’s Investors Service was affirmed. Lyric’s A1 rating was initially assigned in October 2007.
Moody’s A1 rating is based on Lyric’s status as a prominent cultural institution and favorable operating support despite pressures on ticket sales and cost pressures from union contracts. In its report, Moody's affirmed a "stable" outlook, reflecting expectations for balanced operating performance in the future, successful fundraising, strong investment performance, and liquidity.
The Moody’s report also cited, as a credit strength, Lyric’s strong Board of Directors, governance practices and solid management, as well as good practices of disclosure and financial reporting.
Lyric is the only American opera company rated by Moody’s.
Five other Chicago cultural organizations have a Moody’s rating. Only Lyric Opera, the Art Institute of Chicago and the Shedd Aquarium are rated A1 with a stable outlook.
Lyric Board President and CEO Richard P. Kiphart said, “We have worked hard to ensure that Lyric operates in a first class manner both artistically and financially, and this affirmation of our work by Moody’s is gratifying indeed.”
General Director William Mason commented, “In these difficult economic times, it is terrific to see the diligence of board and staff recognized by this important rating agency.”