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Bonds downgraded for NH's Verizon Wireless Arena

November 10, 2009

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MANCHESTER, N.H.—Financial analysts have downgraded the bonds that made it possible to build the Verizon Wireless Arena in Manchester, N.H.

Moody's Investors Service recently downgraded the arena bonds from Baa3, which already suggested some riskiness, to Ba2.

The New Hampshire Union Leader reports Moody's said it was concerned the state's decision to cap the amount of rooms-and-meals tax money it shared with cities and towns would lead to a $66,000 shortfall on the bonds next July, followed by more shortfalls.

A default could put the arena the mercy of the bondholders' trustee, Bank of New York Mellon, which could opt to sell it or put it under new management.

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Information from: New Hampshire Union Leader, http://www.unionleader.com

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