Fiscal 2023 DIF Account

Fitch Affirms Fredericksburg, VA Stadium Project Revs at 'B-'; Outlook Revised to Negative

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 The Rating Outlook has been revised to Negative from Stable.

The Negative Outlook reflects the increased uncertainty of stadium liquidity presented by the novel coronavirus outbreak, which has resulted in the cancellation of the 2020 Minor League Baseball (MiLB) season. The club has seen solid initial demand resulting in sponsorship, suites and ticketing revenues in anticipation of the would-be inaugural 2020 season, but the 2020 season cancellation has created liquidity pressures likely extending to 2021

Point here is that if the Polar Park DIF revenues does not cover the Polar Park bonds and we have to dip into the General Fund, you can expect a downgrade in our general obligation bonds...