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Citi Field hit with ‘junk’ rating over debt fears

Citi Field hit with 'junk' rating over debt fears

Citi Field, which has been closed due to the coronavirus, has been slapped with a “junk” rating amid fears that it won’t be able to pay its debts.

Ratings agency Standard & Poor’s on Thursday downgraded Citi Field from an investment grade “BBB” rating to “BB+”, or junk status, saying it may need to tap its debt reserve to make a $22 million payment due in December — and warning that it could run out of money next year if there’s a baseball strike.

Citi Field makes two $22 million payments annually to the New York City Industrial Development Agency, which issued $612 million in bonds to build the stadium, completed in 2009 as home to the Mets.

The Wilpon family-owned Mets are technically separate from the stadium, which is paid for through sales of luxury suites, party suites, club seats, concessions and merchandise.

S&P says the Mets may seek to help the stadium make the December payment to keep its lease intact.

About the author

Erin Fox

Erin Fox

From television to the internet platform, Erin switched her journey in digital media with News Brig. She served as a journalist for popular news channels and currently contributes his experience for News Brig by writing about the tech domain.

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