Brooklyn Arena Local Development Corp.'s 'BBB-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn - S&P Credit Research

Brooklyn Arena Local Development Corp.'s 'BBB-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn

1231 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RESEARCH Brooklyn Arena Local Development Corp.'s '###-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn Publication date: 12-Mar-2010 Primary Credit Analyst: Trevor D'Olier-Lees, New York (1) 212-438-7985; trevor_d'olier-lees@stan...

  
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Ratings Action

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Global Issuers, Public Finance
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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 "Brooklyn Arena Local Development Corp.'s 'BBB-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn" Mar 12, 2010.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. Dec 21, 2014. <http://www.alacrastore.com/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Withdrawn-781678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 Brooklyn Arena Local Development Corp.'s 'BBB-' Rating Placed On Watch Negative After Affiliate's Rating Is Withdrawn Mar 12, 2010.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 Dec 21, 2014 from <http://www.alacrastore.com/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Withdrawn-781678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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