(This is WAAAY over my head, but I provide it as a public service to the three of you who do understand it.) Fitch has rated the bonds
that will be sold next week to finance the new baseball stadium
: "Fitch has assigned ratings to the following series of ballpark revenue bonds to be issued by the District of Columbia: $81.34 million taxable series 2006A-1 'BBB'; $108.88 million taxable series 2006A-2 'BBB'; $320.39 million tax-exempt series 2006B-1 'BBB+'; $25 million tax-exempt series 2006B-2 (auction rate securities) 'BBB+'. The bonds are scheduled to be sold the week of May 2
. The series 2006A-1 bonds will be a limited offering with UBS Investment Bank as placement agent. The series 2006A-2 and 2006B bonds will be sold through negotiation with a syndicate led by UBS Investment Bank. The Rating Outlook on all four series is Stable. Proceeds will be used for construction of a new baseball stadium along the Anacostia River."
Here's an AP story
about this, indicating that these are low ratings, because "a utilities tax, a stadium concessions tax and rent from the Washington Nationals could fluctuate, making them a less stable way to pay back investors." And the bonds will be sold May 3.