Ratings for Citi Field bonds could drop

A major credit rating agency said it will keep an eye on bonds that were used to finance Citi Field, already carrying a "junk" grade, and could downgrade them further if the Mets' revenue suffers from poor team performance.

Standard & Poor's Rating Service said Monday that last week's announcement by Mets owner Fred Wilpon that part of the team was for sale to cover possible settlement costs arising from the Bernard Madoff scandal wouldn't by itself affect the rating. The current grade is "BB+ stable."

But if the Mets' operations suffer from the financial crunch facing the owners, that could lead to a revision of the bond rating, S&P said.

"The key issue looking forward is that poor team financials could result in poor team performance and reduce turnstile volumes and revenues," S&P said.

Performance drives attendance, which in turn affects revenues from tickets sales, food and beverages, as well as parking, said one sports finance analyst. If those revenues drop, it could affect the amount of money available to pay off special bonds used to finance Citi Field, said S&P.