#Citi Field tagged with ‘junk’ rating over fears it won’t be able to pay debts

Citi Field tagged with ‘junk’ rating over fears it won’t be able to pay debts

June 4, 2020 | 10:20pm

Citi Field, which has been closed due to the coronavirus, has been slapped with a “junk” rating amid fears that it won’t be able to pay its debts.

Ratings agency Standard & Poor’s on Thursday downgraded Citi Field from an investment grade “BBB” rating to “BB ”, or junk status, saying it may need to tap its debt reserve to make a $22 million payment due in December — and warning that it could run out of money next year if there’s a baseball strike.

Citi Field makes two $22 million payments annually to the New York City Industrial Development Agency, which issued $612 million in bonds to build the stadium, completed in 2009 as home to the Mets.

The Wilpon family-owned Mets are technically separate from the stadium, which is paid for through sales of luxury suites, party suites, club seats, concessions and merchandise.

S&P says the Mets may seek to help the stadium make the December payment to keep its lease intact.


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