Bonds issued to finance Yankee Stadium are under review for upgrade.
The Moody's Investors Service action affects roughly $1.26 billion of Baa-rated debt for Yankee Stadium LLC.
Moody's, in a Thursday night statement, cited the stadium's "long-term credit profile and proven resiliency through variable team performance and economic cycles while continuing to generate significant excess cash flows that support consistently strong debt service coverage ratios."
Baa3 is the lowest investment-grade rating.
"The review will focus on our expectations for future demand and financial performance; will factor in the risk tolerance of the stadium on a prospective basis," said Moody's.
The third incarnation of Yankee Stadium, the Bronx borough home to baseball's New York Yankees, opened in 2009. New York City owns the land, which it leases to the New York City Industrial Development Agency for a 99- year term.
Yankee Stadium LLC, under the name StadCo, leases the facility and subleases the land. The IDA uses payments in lieu of taxes and a rental payment to pay debt service on the PILOT bonds and the taxable rental bonds.
Meanwhile, Bronx Parking Development Co., which operates garages and several parking lots near the stadium, reported a net loss of about $31.2 million for calendar year 2015, according to a
Bronx Parking issued nearly $240 million of unrated muni bonds through IDA nine years ago to build and renovate the garages.
Moody's on Wednesday upgraded the bond rating of Queens Ballpark LLC, the holding company for the New York Mets' Citi Field in Queens, to investment-grade Baa3 from junk-level Ba1, affecting roughly $650 million of debt.
