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Art Institute of Chicago Borrows $100 Million for Pensions
Bloomberg Oct. 9, 2012
"The Art Institute of Chicago, the home of paintings by Henri Matisse and Pablo Picasso, is selling about $100 million of taxable and tax-exempt bonds partly to shore up unfunded pension obligations.... The Art Institute is rated A1 by Moody's, its fifth-highest grade, in part reflecting the museum's pension and retirement liabilities. The benefits totaled $64.5 million in the 2012 fiscal year, according to the Moody's report."
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