How’s that? Isn’t National Public Radio a non-profit? Yes, but it is issuing public bonds to fund construction of its new headquarters in Washington, DC. Those tax-exempt municipal bonds have just been rated by the major agencies.
NPR reports that both Moody’s Investors Service and Standard & Poor’s have given the proposed bond issue an initial high investment grade rating. The rating from Moody’s is Aa3 and from S&P AA-.
NPR sought the ratings as a prerequisite to pursing a tax-exempt municipal bond to fund, in part, the construction of its new headquarters at 1111 North Capitol Street, which will serve as an anchor in the redevelopment of the rapidly growing NOMA district of Washington, DC. The bond issuance is expected to go forward this spring.
“NPR and our Member stations are uniquely positioned to adapt and grow amidst a rapidly changing media landscape, and to serve the news and information needs of the American public with fact-based, compelling journalism. We are delighted that both ratings agencies concluded that NPR is a high investment grade organization,” said Vivian Schiller, President and CEO of NPR.
Groundbreaking is expected this fall, with NPR planning to move into the new HQ in June 2013.