Moody's Investors Service revised its outlook to stable from negative and affirmed the Ba1 rating of Queens Ballpark Co. LLC, developer of the New York Mets' Citi Field.
The rating agency cited the recapitalization of the ballclub through the sale of minority interests worth $240 million, which Moody's said improves the Mets' ability to field a quality team. The Mets have not had a winning season since 2008.
"We see team performance as a key driver of stadium attendance levels, which in turn are critical determinants of stadium financial performance and credit quality," Moody's said.
Queens Ballpark is a special-purpose entity created to lease, operate and maintain the construction of Citi Field. The New York City Industrial Development Agency is the conduit issuer for both the Series 2006 installment purchase bonds and the Series 2006 lease revenue bonds.