S&P cuts Philadelphia's Please Touch Museum rating to CC
Sept 20 (Reuters) - Standard & Poor's Ratings Services, citing a missed bond payment, on Friday slashed the long-term revenue bond rating for Philadelphia's Please Touch Museum by seven notches to CC from BB-minus with a negative outlook.
The downgrade follows the museum's missed bond payment on Sept. 1 to a trustee, which tapped its debt service reserve to pay bondholders, the rating agency said in a statement.
S&P said the negative outlook reflects its belief/concern the museum could default within one year. But if its management resumes paying full debt service, the rating outlook could be revised, S&P said.
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