Carnegie Hall Cut by Moody’s as Facade Project Raises Leverage

May 14, 2024, 4:55 PM UTC

Carnegie Hall, where historic performers from Paul Robeson to Leonard Bernstein have helped define musical culture in New York City, was downgraded a notch on Monday after a temporary increase in borrowing for capital improvements pressured margins.

Moody’s Ratings lowered the Carnegie Hall Corp.’s credit grade to A2, the sixth-highest available, reflecting “the thinning operating performance and weakened liquidity” as the organization taps a line of credit to pay for renovations in anticipation of a reimbursement from New York City and the state. The corporation has roughly $90 million of debt outstanding as of June 30, Moody’s ...

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