The parent company of the renowned California art institution, the Getty Museum, J. Paul Getty Trust, plans to issue $500 million in high-rated taxable bonds to enhance its fire prevention facilities and support education and general operations. The funds will be used to upgrade boilers, irrigation systems, fire-fighting equipment and water storage facilities to address the increasingly severe wildfire threat in California. The trust fund declined to comment on this.
Although the Getty Museum’s two campuses in Los Angeles – the Getty Center and the Getty House – have not been damaged in recent wildfires, they still face ongoing risks. Its art collection includes works by masters such as Van Gogh and Rembrandt, and it relies on structural defense and long-term fire prevention plans to ensure safety. The Getty Center was temporarily closed due to a fire, while the villas are expected to reopen in June.
As a museum open to the public for free, Getty attracts millions of visitors every year. The trust fund has an investment of 8.8 billion US dollars, and its main income comes from investment returns. Both Standard & Poor’s and Moody’s gave the highest ratings to this bond, highlighting its financial stability.
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