Mets stadium debt bonds ranked “junk”

Ratings agency Standard & Poor’s downgraded the debt that financed construction of CitiField to BB+ from triple-B, effectively placing it in junk status. The move comes on the heels of Moody’s decision to downgrade the bonds associated with the debt to junk status a week ago. While this could be perceived as a dismal omen for the team, the decline in debt rating actually has very little to do with attendance at the stadium or the Mets’ performance, according to Crain’s. The bond insurer that guaranteed the stadium debt in 2006, Ambac Financial, has had a rocky road through the housing market collapse, reportedly due to billions of dollars worth of mortgage-related securities it backed that later became worthless.