NEW YORK—Despite news of deep budget cuts and layoffs at many museums, including the Metropolitan Museum of Art and the Whitney Museum of American Art, credit-rating agency Standard & Poor’s states in a new report that cultural institutions should be able to weather the recession well.

Standard & Poor’s, in its study of 33 cultural institutions, wrote that museums “will likely benefit from an increase in regional tourism, a gain in repeat visits, and government stimulus money for education and science programs.” In addition, the agency noted that museums and other cultural institutions tend to have a more diverse revenue base than other institutions, an important factor in surviving a downturn.

The group also pointed to the past performance of cultural institutions in turbulent times. Museums have survived past recessions, the group notes, writing that it believes they should be able to do so again.

Read more in the Chronicle of Philanthropy.