<![CDATA[Citi Field tagged with ‘junk’ rating over fears it won’t be able to pay debts]]> https://usagag.com/2020/06/05/citi-field-tagged-with-junk-rating-over-fears-it-wont-be-able-to-pay-debts/ Fri, 05 Jun 2020 02:20:01 +0000 hourly 1 https://usagag.com Citi Field tagged with ‘junk’ rating over fears it won’t be able to pay debts 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.

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