DALLAS - Arlington, Tex., has little room to maneuver as it seeks to refinance $164 million of variable-rate debt sold for the new Dallas Cowboys stadium scheduled to open next year.

Since July, the city between Dallas and Fort Worth has been waiting for suitable market conditions to refinance the variable-rate debt after downgrades of bond insurer MBIA Insurance Corp. The refinancing is backed by the new insurer Berkshire Hathaway Assurance Corp. to earn triple-A ratings.

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