Moody’s Slashes Outlook On Citi Field Bonds
NEW YORK (WFAN/AP) — Moody’s Investors Service says it has lowered its outlook on the company that operates Citi Field, citing the potential for pending litigation against the owners of the Mets.
The ratings firm said Thursday it cut the outlook on Queens Ballpark Co. LLC to “Negative,” but maintained its “Ba1” rating on the company’s bonds.
Moody’s says the move reflects the potential that pending litigation against the owner of the Mets, Sterling Mets LP, could hurt attendance at the ballpark.
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The trustee appointed to recover funds for investors burned by Bernard Madoff’s Ponzi scheme has sued the owners of the Mets claiming they reaped $300 million in false profits from the scheme and used a large chunk of that to run the team.
On Thursday, a federal bankruptcy judge in Manhattan appointed ex-Governor Mario Cuomo to serve as a mediator in the dispute between the Mets owners and the court-appointed trustee trying to recover money for victims of Madoff’s scheme.
Copyright 2011 The Associated Press.