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January 13, 2009
Forest City stock takes hit
Denver Post Wire Services
Forest City Enterprises fell 16 percent in New York trading after Moody's Investors Service said the property developer's credit outlook is negative because of high debt.
Moody's rates Cleveland- based Forest City's senior unsecured debt B1, four levels below investment grade. About 58 percent of the company's debt is secured by assets, a position Moody's called "aggressive."
Forest City is working on a $4.2 billion development in Brooklyn, N.Y., known as Atlantic Yards, and has delayed construction on residential and retail components of that project because of a global credit shortage. It's going forward with an arena at the site for the NBA's New Jersey Nets.
NoLandGrab: We'd like to see an example of how the arena is "going forward."
Posted by eric at January 13, 2009 11:06 AM