Met Opera Gets Good $$$ News
The Metropolitan Opera, which has been cutting costs in recent years to address its serious fiscal challenges, got a measure of good news on Wednesday when Standard & Poor’s affirmed the company’s “A†credit rating and revised its outlook to stable from negative. The ratings agency cited the Met’s ability to record a $1.1 million surplus in 2015, after running an alarming $22 million deficit the prior year. “Supporting the rating is our opinion of management’s ongoing efforts to control costs and enhance revenue and fundraising, with a goal to record at least break-even operating results in fiscal 2016 and beyond,†it wrote in a report. But the Met still relies too much on the wealthy board members and their pals to write large checks once a year to cover expenses.
