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

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 ...