Washington, D.C. -- On January 20, 2006, Moody’s Investors Service assigned a Aaa/VMIG1 rating to the Carnegie Institution’s Series 2006 bonds issued though the California Educational Facilities Authority. It is the highest rating that the service assigns—only 10 other not-for-profits organizations are currently rated in that category.

Carnegie is a non-profit institution supporting basic research at its six scientific departments on the West and East Coasts and at an observatory in Chile. Carnegie scientists are leaders in plant biology, developmental biology, astronomy, materials science, global ecology, and Earth and planetary science.

Moody’s rating is based on the institution’s strong financial profile. Carnegie has a large, very liquid balance sheet; it has lowered its endowment spending rate; and funds from external sources have recently increased.

According to the investor’s service, “Moody believes that the Carnegie Institution’s… total financial resources provide very strong coverage of outstanding debt and annual operations…The stable outlook reflects our expectation that the institution’s balance sheet will continue to grow and provide a solid cushion for debt and operations.”

The bonds are being issued to refinance the 1993 Series A Bonds for interest-rate savings. The original bond was used to upgrade facilities at the Carnegie Observatories in Pasadena, California, and for the Magellan telescopes located in Chile.

The Carnegie Institution of Washington has been a pioneering force in basic scientific research since 1902. For more information see http://www.carnegieinstitution.org/

News Topic: