Mets fans might argue the team played like garbage at Citi Field last season.
According to The Associated Press, the $800 million ballpark’s bonds have been lowered to “junk” status because of the financial problems of the bonds’ insurers.
The bonds dropped from an investment grade to a standard grade.
"We lowered all the bonds ratings because the 2006 PILOT bonds do not have a reserve fund with adequate liquidity to support any disruption in project cash flow," Standard & Poors told the AP. "Because Ambac is currently rated speculative grade, the creditworthiness of the debt service reserve fund supported by the surety policy is below the creditworthiness of the bonds."
Standard & Poors and Moody’s Investors Service changed the bonds’ status, but gives the bonds a “stable outlook,” the AP reports. S&P says the outlook shows “the expectation that the project will perform in line with expectations.”
The Mets drew nearly 39,000 fans per game at their new stadium last season despite the team’s fourth place finish in the NL East.
