Moody's gives Minnesota stadium bonds Baa3 rating

Moody's Investors Service said it assigned a preliminary Baa3 rating with a stable outlook to the planned issuance of project revenue bonds, series 2008 by the Twins Ballpark, LLC.

The issuer is a special-purpose entity that plans to issue about $210 million to help finance construction of a new ballpark for the Minnesota Twins. Up to $125 million will consist of insured, variable-rate demand obligations supported by a standby bond purchase agreement.

The ballpark will be owned by the Minnesota Ballpark Authority, which was formed for this purpose by the state of Minnesota. The authority will provide funding support of about $350 million through sales tax revenue bonds issued by Hennepin County. Hennepin County issued $150 million in first-lien sales tax revenue bonds (rated Aa1) in May 2007, followed by another $120 million of second-lien sales tax revenue bonds (rated Aa3) in March 2008.

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