From the NY Post:
The Mets are striking out with Wall Street's bond investors after the credit rating of team's new home Citi Field got slammed with a threat of being downgraded to junk status.
Moody's Investors Service said yesterday it might trash Citi Field's ratings on $613 million it borrowed in 2006 through bonds to erect the stadium, which opened last month.
The problem isn't the team's under-performance this season or a shortage of loyal fans. Moody's says the monkey wrench is that the backup insurance guaranteeing that the bonds would be repaid could be on the skids due to the recession.
The backup guarantees were provided by Ambac Assurance Corp., which itself has fallen on hard times and got downgraded itself -- leaving all its paper similarly tainted in Moody's view.