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February 10, 2010
Stee-rike 3 for Mets stadium bonds
S&P downgrades to junk status the debt that financed construction of CitiField. Blame the bond insurer's performance more than Luis Castillo's.
Crain's NY Business
by Aaron Elstein
It's official, sports fans: The New York Mets are junk.
That, at least, is the new rating for the bonds used to finance the construction of the baseball team's CitiField.
Standard & Poor's on Tuesday deemed the debt, issued by the New York City Industrial Development Agency, to be less than investment grade and cut it by two notches, to BB+ from BBB. (For those keeping score at home, BBB- is the lowest investment grade rating.) Moody's downgraded the bonds to junk last week.
NoLandGrab: Wonder how the junking of the Mets' bonds will affect renewed efforts to sell subordinated debt for the planned Barclays Center.
Posted by eric at February 10, 2010 7:44 PM