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March 14, 2016

Metropolitan Opera Donations Are Up, but Credit Rating Is Unchanged

Despite declining attendance, the opera has "uncomonly high donor support," but Moody's Investors Service kept its credit rating steady with a negative outlook, The New York Times reports.

The opera's credit rating was downgraded in 2014 after reporting a $22 million deficit that year.

The Met had a $308 million budget last year and ended its last fiscal year with a $1 million surplus. It averages $148 million in annual donations and is working to cut costs and double the size of its endowment.