Moody's puts Louisiana Stadium bonds on negative watch

Moody's Investors Service said it placed the Baa3 underlying rating of the Louisiana Stadium and Exposition District on watch for possible downgrade, affecting four series of revenue bonds with an outstanding amount of about $292.5 million.

The affected series are the insured tax-exempt revenue and refunding bonds, series 2006A and 2006B; insured taxable/tax-exempt convertible revenue and refunding bonds, series 2006C; and uninsured taxable revenue and refunding bonds, series 2006D.

The series A, B and C bonds are insured by Financial Guarantee Insurance Co., which is rated A3 on review for further downgrade.

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