MLB Giants Payroll To Top $200M For First Time Mitt Romney In Talks With Yankees For Small Stake Redskins Still Silent On Cooley's Comments Sounders Approved To Add Star On Replica Jerseys Montgomery Biscuits Being Sold To Lou DiBella's Group Canucks Owners Interested In CFL B.C. Lions Lakers Adjusting To Life Under Magic Regime 49ers' Paraag Marathe Opens Up About Role Cubs Using "That's Cub" As '17 Marketing Slogan Red Sox To Implement New Personnel Database
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).