Ratner's Yards Bonds Rated 'Barely' Investment Grade
On the heels of last week’s eminent domain ruling, Forest City Ratner took another step towards realizing its vision for a basketball arena in Brooklyn when Moody’s Investor Service gave the $500 million in tax free bonds being used to finance the Barclays Center a crucial investment-grade rating. According to a largely positive story in…
On the heels of last week’s eminent domain ruling, Forest City Ratner took another step towards realizing its vision for a basketball arena in Brooklyn when Moody’s Investor Service gave the $500 million in tax free bonds being used to finance the Barclays Center a crucial investment-grade rating. According to a largely positive story in Crain’s yesterday afternoon, “the Baa3 rating reflects several factors, including the strength of New York City as a media market, existing sponsorship support for the team, the large amount of equity the developer and its partner are putting in the project and strong reserve funds.” And check out this quote in The Times from a vice president at Moody’s: The lawsuits are not an issue as far as the rating is concerned. The rating assumes that the lawsuits will be settled and that the project will move forward.” A more skeptical article in the New York Observer noted that while technically investement-grade, the bond rating was only one step above junk level, reflecting significant risk factors like relocation, weak team finances and “uncertain demand for premium seating.” And Atlantic Yards Report points out that the Moody’s rating assumes 225 events per year but Ratner’s on record as predicting only 200. Crain’s says that bond sales are expected to begin sometime this week.
New Nets Arena Wins Another Court Challenge [NY Times]
Moody’s Gives $500M in Nets Bonds Thumbs Up [Crain’s]
Nets Arena Wins Needed Bond Rating, Mostly [Observer]
Atlantic Yards Debt Gets Rated [The Bond Buyer]
Ah, bxgrl, just as you and the long-winded Montrose Morris are one and the same!
Brooklynlove- what would you know about having anything of substance to say. Are you big jug’s bitch? Because you may have not noticed but big jugs makes a habit of posting insults and general nastiness. Pretty much like you do- perhaps you and he are the same?
bxgrl – you’re not really the one to be belittling people. i know that you’re very impressed with yourself but that doesn’t really mean much in the world of 3-dimensional adults with a pulse and the ability to think and read. if you don’t have anything of substance to contribute then don’t waste everyone’s time trying to convince them that you do.
If they are so incompetent, big jugs, how is it they have managed to stop AY from proceeding these past few years? Cost Ratner all this money? But don’t let facts get in the way of your commentary. No one takes someone with the log in name “big jugs” seriously anyway.
Point taken bxgrl, but ouch, fsqr – it’s the selectivity about asking for documentation that I was trying to highlight. There is lots of documentation about the non-impact, or negative impact, of stadiums on the local economy (see google suggestion above) yet stadium = local economic stimulation keeps being accepted as some sort of given. And the approach by livable cities (cited) related to strategies for building on existing transportation hubs does make a lot of sence – and runs counter to what we have seen of the AY designs. As appropriate, I promise to try to keep giving references beyond my own thinking or personal experience when attempting to make a point.
I must admit, now that this whole AY drama is about to end, I’ll actually miss the amusement provided by the shrieking and frothing anti-AY clan. I have never seen such a poorly-conceived and ineptly-run community organizing campaign as this one. Really, watching them relentlessly predict imminent victory, only to lose time and time again has kept me laughing hard for over five years. If there is a more incompetent bunch of folks out there, I’d be shocked. The final act, eagerly anticipated by many on this board, will be seeing Daniel Goldstein dragged off by the man after he makes a faux dramatic gesture of refusing to be extracted from his home. I’ve already picked out my snacks and can’t wait to see the show!
He’s got a point- we’re all guilty of anecdotal evidence. A lot of the comments about DDDB are just that, and DDDB does back up what they say by solid documentation.
Yeah Brooklyn Red wanting a citation when some cites “experts” is a real “gotcha” question – Do you work for Sarah Palin or something?
Thanks, Brooklyn Red!