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.
