Moody’s could downgrade BPC bonds

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The Battery Park City Authority’s $1 billion in funding bonds are “on watch” for a ratings downgrade by Moody’s after a joint city and state deal to take back $861 million in residual funding for the area, the company announced Monday. The deal, reached last month by the Bloomberg and Paterson administrations, will put the Battery Park City funds toward affordable housing and closing the city and state budget gaps. Moody’s said those funds had been factored into the bonds’ previously high ratings. A downgrade is “pending assessment of the impact of the withdrawals,” Moody’s said. [NYO]

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