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Citi Field Bonds on Verge of Junk Status

By Roy Edroso Wed., May 6 2009 at 3:15 PM
Categories: Baseball, Featured, Stadium Development
citifieldmetsright.jpg
The Yankees may be having trouble filling seats in their ballpark (exacerbated, no doubt, by the shitty way they treat their fans), but at least the bonds on their new stadium aren't quite junk yet (though at BBB they're close). The municipal bonds on the Mets' Citi Field, on the other hand, may beat them to it: Moody's Investors Service has downgraded their surety bond provider Ambac, and is investigating to see whether this merits the depreciation of $613 million in Queens Baseball Stadium LLC municipal bonds to "speculative" (that is, junk) status. The bonds were rated Baa3 when the Mets completed financing in January -- the same as Yankee Stadium's at the time. But the more people learn about the shady financing behind them, the less like a bargain the gleaming new taxpayer-built stadia appear.

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