Steve Cohen Give Mets Fans and Bondholders Something to Cheer
- Moody’s puts Citi Field debt under review for upgrade
- Rating company cites ‘sizable increase’ in ownership liquidity
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Steve Cohen, the new billionaire hedge-fund owner of the New York Mets, has given the team’s long-suffering fans something to celebrate. His deep pockets are also good for holders of about $600 million in municipal bonds issued to build Citi Field.
Moody’s Investors Service Thursday put the ballpark’s Baa3-rated debt on review for an upgrade based in part on Cohen’s purchase of the team, “resulting in a sizable increase in ownership liquidity and balance sheet strength.” Cohen, founder of Point72 Asset Management LP and worth more than $10 billion, bought the Mets from the Wilpon family for about $2.5 billion.