The Metropolitan Opera has run small deficits for the past two years and faces rising capital expenses — including for the repair of its white travertine exterior — prompting S & P Global Ratings to announce on Wednesday that it was keeping the company’s “A” credit rating but revising its outlook to negative, from stable.

The negative outlook highlights the continuing financial challenges facing the Met, the largest performing arts organization in the United States. While the company’s new productions this fall have been box office successes — the Gershwins’s “Porgy and Bess” sold out, as have several performances of Philip Glass’s “Akhnaten” — ticket revenues cover less than half the cost of running the huge company, with its orchestra, chorus, star singers and technical crew.

The Met recorded a $1.9 million deficit in 2018, and the company said it expected it to report a $1.1 million deficit on a budget of $312 million in the 2019 fiscal year, which ended July 31. Both recent deficits are small compared with the $22 million shortfall the Met incurred in 2014.

“We understand that the aforementioned deficits are modest in nature, but in our view do not offset the weak available resources,” the S & P report said.