NEW YORK – Fitch Ratings assigns an ‘AA’ rating to the $65.5 million Regional Convention and Sports Complex Authority (RCSCA, or the authority), convention and sports facility project and refunding bonds, series A 2013 (state of Missouri, sponsor).
The bonds are expected to be sold through competitive bid on or about July 30, 2013.
Missouri’s ‘AAA’ GO rating reflects a low debt burden, historically conservative financial operations, and a broad and diverse economy. The state has a long record of maintaining fiscal balance through spending restraint. The budget must be balanced, and the governor has strong constitutional authority to withhold funds as needed. Additional financial flexibility is provided by a budget reserve fund (BRF) equal to 7.5% of net general revenues; notably, reserve funds were not drawn on in the recession.
The series A 2013 bonds relate to the financing of the Edward Jones Dome in St. Louis, a sports, entertainment, and convention facility that serves as home stadium for the National Football League’s St. Louis Rams. RCSCA originally issued separately secured bonds on behalf of the state, St. Louis County and the city of St. Louis to finance construction of the Edward Jones Dome. This issuance refunds all outstanding RCSCA bonds issued on behalf of the state in 2003.
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