The rating on the District of Columbia's bonds, issued on behalf of The Smithsonian Institution, reflects: * The museum's role as the 'nation's museum' with 28 million visits annually—its nationally prominent collections, its brand name, and its management's ability to leverage these strengths into business and fundraising opportunities; * A considerable endowment of about $600 million, which provides a substantial cushion relative to pro forma debt and trust expenses; * A sizable federal appropriation of more than $376 million, which supports a substantial portion of the institution's salaries and expenses and facilities cost; * Strong governance; and * Modest plans for debt issuance. The Smithsonian is a Washington, D.C.-based complex with 16 museums and galleries, five research facilities, and the
