WASHINGTON – While the Mets have a better won-loss record than their New York crosstown baseball rival Yankees, Yankee Stadium is a stronger credit than Citi Field, according to Moody's Investors Service.
Moody's, in a report Monday that followed upgrades to the bonds of both ballparks, said the third incarnation of Yankee Stadium has stronger project financing features and higher debt service coverage ratios.
Both, said Moody's, are resilient to long-term revenue variability.
Moody's rates Queens Ballpark Co. LLC and Yankee Stadium LL Baa3 and Baa2, respectively, both with stable outlooks. They are the respective holding companies for the Mets' Citi Field in Queens and Yankee Stadium in the Bronx.
Both ballparks opened in 2009.
"Yankee Stadium's required advance payment of annual debt service costs to the trustee on Feb. 1 each year provides a key structural protection that Queens Ballpark does not have," said Moody's. "Also, Yankee Stadium's advance payment supports its gross revenue pledge, whereas Queens Ballpark pays debt service when due and has a net revenue pledge."
According to Moody's, while Yankee Stadium relies solely on regular season ticket sales for revenue to pay debt service, Citi Field also draws revenue from naming rights, advertising agreements, and other sources.
Additional strengths for both ballparks include non-relocation agreements and their New York locations, said Moody's.
Baseball teams are in their All-Star break. The defending National League champion Mets have a 47-41 record, while the Yankees are 44-44.
