Lyric receives A1 rating from Moody's
For Immediate Release:
November 23, 2013
Lyric Opera again receives A1 Rating from Moody’s: Outlook stable
Anthony Freud, 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, strong liquidity and financial resources relative to debt and operations, and consistently healthy fundraising results.
In its report, Moody's affirmed a "stable" outlook, reflecting expectations that Lyric will continue its successful track record of fundraising, providing its public with enhanced programming, and engaging in strategic ticket sales.
The Moody’s report also cited, as credit strength, Lyric’s strong Board of Directors, governance practices, and solid management.
Lyric is the only American opera company with an A1 rating.
Kenneth G. Pigott, Lyric Board President and CEO, said that Lyric’s new strategic plan, completed in 2012 by Lyric’s Board leadership and senior management team, was a key element in ensuring the ongoing strengthening of Lyric’s financial resources.
General Director Anthony Freud commented that “Lyric Opera is as committed to fiscal responsibility as it is to artistic excellence and providing a deep and relevant cultural service to our community. We are gratified that Moody’s has affirmed Lyric’s A1 rating and recognized Lyric’s new programming and educational initiatives as a key institutional strength.”
Paul Carbone, Board Treasurer and Chairman of Lyric’s Finance Committee, stated that the Moody’s report also pointed out that Lyric, like other opera companies around the country, would continue to be challenged by national attendance trends, market volatility, high fixed costs, and ongoing competition in the marketplace for ticket sales and contributions.