Jags exec Tony Khan invests in TruMedia Equity fund will shop for farm teams Eagles borrow $190M over new longer term Vikings pick banks for stadium financing Filing lists 12 athletes as creditors NBA debt terms reflect confidence Kings refinance $15M as part of sale 49ers able to refinance early Bibb forms sports, lifestyle venture capital fund Marlins look to refinance
SBJ/June 26 - July 2, 2000/Finance
Patriots stadium bonds rated AA-
Published June 26, 2000
Fitch IBCA rated "AA-" $70 million of municipal bonds that will pay for infrastructure needed for the New England Patriots' new stadium.
The Patriots will pay for the full cost of the $225 million stadium, with the state paying the $70 million for infrastructure needs such as roads and sewers.
The bonds are backed by the commonwealth of Massachusetts and not by sports-related revenue. As a result, the bonds are rated much higher than debt that is backed by sports revenue like sponsorships and TV fees.
Consequently, the rating is the same as that accorded to the commonwealth's own general obligation bonds, according to Fitch.
— Daniel Kaplan