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The Standard & Poor’s rating agency has raised the classification of the outstanding debt for the Museum of Modern Art from -AA to AA, Bloomberg reports today.

The change reflects some successful fundraising on the part of the museum, as well as its “plan to reduce debt,” wrote an analyst in the S&P report.

Bloomberg, citing the MoMA annual report, said the museum’s debt stand at around $332.9 million. Its endowment, which took a hit during the economic downturn, along with the endowments of other similar cultural institutions, stands at over $600 million.

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