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SBD/January 25, 2012/Franchises
Glendale Mayor Says NHL's Asking Price For Coyotes May Affect City
Published January 25, 2012
DOWNGRADED BOND RATING: The WALL STREET JOURNAL's Kelly Nolan reports Glendale is selling about $136M in debt in the municipal-bond market this week, "just days after Moody's Investors Service cut its bond rating because of the desert city's obligations to cover losses" on the Coyotes. Moody's "downgraded Glendale's general-obligation bond rating a notch, from Aa2 to Aa3, last week, noting the city's 'strained' financial position after a 'significant' payment to the NHL" for the Coyotes' operating losses. Moody's "has a negative outlook for Glendale, because it may have to pay the NHL as much as $25 million more, for 2012, if the team doesn't secure a new owner in the coming months" (WALL STREET JOURNAL, 1/25).