— Days Without Shea —

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.

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