Municipal bonds will finance improvements to the Boise State University football stadium, making it possible for more fans and media to follow the team that stunned the college football world with its wild and wacky Tostitos Fiesta Bowl victory over the University of Oklahoma in January.
Moody's Investors Service Wednesday affirmed its A1 underlying rating on the university in connection with a forthcoming $29.5 million bond issue, slated to include a $25.3 million tax-exempt Series 2007B and a $4.2 million taxable Series 2007C.
According to Moody's, proceeds will be used to finance a portion of the costs of construction of an addition to the football stadium, consisting of an enlarged and updated press box, stadium suites, premium seating, and other improvements.
Until 2006, the Boise State football team may have been best known for using blue artificial turf on its playing field at the 30,000-seat Bronco Stadium.
Last year, they captured football fans' attention for their performance on the field, running up a 12-0 regular season record that forced the postseason Bowl Championship Series to accept them, even though its big-money bowl games are usually closed to teams from the relatively obscure Western Athletic Conference.
The Broncos went toe-to-toe against the powerful Oklahoma Sooners, tying the game in regulation with a hook-and-ladder play before using the old "Statue of Liberty" fake on a two-point conversion play in overtime that gave Boise State the 43-42 win.
Standard & Poor's affirmed its A-plus underlying rating for the university in connection with a January bond issue. Fitch Ratings does not have underlying ratings for Boise State.
