— Days Without Shea —

http://www.loge13.com/images/Rotundathroughfence_052808.jpg
From Bloomberg:

The credit rating on $695.4 million of municipal debt issued to finance a new baseball stadium for the New York Mets was cut to junk by Standard & Poor's because of losses suffered by an insurance company that provided a surety bond.


Standard & Poor's lowered its rating on four series of bonds issued by New York City on behalf of Queens Ballpark Company LLC to BB+, the highest non-investment grade rating, from BBB because Ambac Assurance Corp., which guaranteed the performance of the debt service reserve fund on bonds issued in 2006, has a CC rating, the third-lowest non-investment grade rating. The stadium, called Citi Field, opened last year.





(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)






























Site Map | Contact Us | About Us | Advertise With Us