Research Update: Brooklyn Arena Holding Company LLC's Debt Is Rated Preliminary 'B', Outlook Stable

2057 word report published Dec 11, 2009

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Abstract:

We assigned our preliminary 'B' rating to the Brooklyn Arena Holding Company LLC's (BAHC) senior secured notes of an amount up to $146.8 million that mature in 2017. Proceeds of the notes will be used to support the construction of a new multi-purpose arena in Brooklyn, N.Y., known as the Barclays Center, where the New Jersey Nets will be relocated. The rating on BAHC's debt reflects its reliance on residual distributions from its wholly owned subsidiary Brooklyn Events Center, LLC (BEC) and we base the rating on the consolidation of the debt of the two entities. On Dec. 11, 2009, Standard&Poor's Ratings Services assigned its preliminary 'B' rating to BAHC's senior secured notes of up to $146.8 million

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: Brooklyn Arena Holding Company LLC's Debt Is Rated Preliminary 'B', Outlook Stable Publication date: 11-Dec-2009 Primary Credit Analyst: Trevor D'Olier-Lees, New York (1) 212-438-7985;...

Report Type:

Research Update

Issuer:

Brooklyn Arena Holding Company LLC

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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