Moody’s further downgrades Sport Authority’s junk-bond debt

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TOM KIRKENDALL notes that Moody’s has further downgraded the junk-bond debt of the Houston Sports Authority:

“Moody’s believes the liquidity reserves are sufficient to cover the November 2010 payment, but their depletion may result in a payment default from pledged revenues as early as March of 2011,” the report said.

[snip]

J. Kent Friedman, board chairman for the Sports Authority, downplayed the report.

Of course he did.


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