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Barclays Center Bonds Get "Investment Grade" Rating...Barely

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The Nets can market $500 million in arena construction bonds with an "investment grade" rating. The bonds had to be "investment grade" or they wouldn't qualify as tax exempt. Moody's, the ratings agency, rated the bonds just above "junk" but cited Mikhail Prokhorov's commitment to pay the team's debts and sponsorship revenue as positives. The rating is the same given Yankee Stadium and CitiField.