Research Update: Jets Stadium Development LLC Bond Ratings Placed On Watch Negative On COVID-19-Related Uncertainties

On July 2, 2020, S&P Global Ratings placed its 'BBB-' rating on Jets Stadium Development LLC's (StadCo) $200 million series 2007A-1 bonds (SPUR [S&P underlying rating]), $195 million series 2007A-3 bonds (SPUR), and $255 million project revenue series 2007A-4 bonds (SPUR), which Assured Guaranty Municipal Corp. (AGM) insures, on CreditWatch with negative implications. The enhanced rating on the A-4 bonds is unchanged at 'AA'. The enhanced dual rating on the series 2007A-4 bonds remains 'AA/A-1'. The CreditWatch placement reflects the uncertainty about the pandemic's overall impact and related social distancing measures on StadCo, which is the stadium business of the National Football League's (NFL) New York Jets. StadCo derives its revenues from suites, club seat premiums, naming rights, and other

...- On July 2, 2020, S&P Global Ratings placed its '###-' rating on Jets Stadium Development LLC's (StadCo) $200 million series 2007A-1 bonds (SPUR [S&P underlying rating]), $195 million series 2007A-3 bonds (SPUR), and $255 million project revenue series 2007A-4 bonds (SPUR), which Assured Guaranty Municipal Corp. (AGM) insures, on CreditWatch with negative implications. The enhanced rating on the A-4 bonds is unchanged at '##'. The enhanced dual rating on the series 2007A-4 bonds remains '##/A-1'. - The CreditWatch placement reflects the uncertainty about the pandemic's overall impact and related social distancing measures on StadCo, which is the stadium business of the National Football League's (NFL) New York Jets. StadCo derives its revenues from suites, club seat premiums, naming rights, and other revenue sources. Specifically, we do not yet know how many games will be played with fans in the stadium during the 2020 season, or the impact it might have on StadCo's revenue and liquidity....

Research Update