Brooklyn Arena Local Development Corp.'s 'BBB-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn - S&P Credit Research

Brooklyn Arena Local Development Corp.'s 'BBB-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn

1233 words — Published Mar 12, 2010
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Abstract:
On March 12, 2010, Standard&Poor's Ratings Services withdrew its 'B' rating on Brooklyn Arena Holding Co. LLC's (BAHC) proposed $106 Million Senior Secured Notes that mature in 2017 because the sponsors decided to pursue an alternative financing strategy to that originally presented to Standard&Poor's. The 'BBB-' rating on Brooklyn Arena Local Development Corp.'s (LDC) $511 million senior secured series 2009 payment-in-lieu-of-tax (PILOT) bonds that mature in 2047 was predicated on a capital structure that assumed issuance of debt at BAHC. At this point, there is uncertainty as to the final terms and conditions of any new funding approach. We are placing LDC's 'BBB-' rating on CreditWatch with negative implications. The negative CreditWatch indicates that we could
  
Brief Excerpt:
RESEARCH Ratings Definitions Brooklyn Arena Local Development Corp.'s '###-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn Publication date: 12-Mar-2010 Primary Credit Analyst: Trevor D'Olier-Lees, New York...
  
Report Type:
Ratings Action
Issuer
Brooklyn Arena Local Development Corp.
Country
United States
Region
United States
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:
S&P Credit Research. "Brooklyn Arena Local Development Corp.'s 'BBB-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn" Mar 12, 2010. Alacra Store. May 23, 2013. <http://www.alacrastore.com/research/s-and-p-credit-research-Brooklyn_Arena_Local_Development_Corp_s_BBB_Rating_Placed_On_Watch_Negative_After_Affiliate_s_Rating_Is_Withdrawn-781678>
  
APA:
S&P Credit Research. (). Brooklyn Arena Local Development Corp.'s 'BBB-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn Mar 12, 2010. New York, NY: Alacra Store. Retrieved May 23, 2013 from <http://www.alacrastore.com/research/s-and-p-credit-research-Brooklyn_Arena_Local_Development_Corp_s_BBB_Rating_Placed_On_Watch_Negative_After_Affiliate_s_Rating_Is_Withdrawn-781678>
  
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