Glendale’s credit score goes up after Coyotes contract canceled
Jun 17, 2015, 5:30 AM | Updated: 5:30 am
Glendale’s cancellation of their $225 arena deal with the Arizona Coyotes may be benefiting the city financially.
Moody’s Investors Service, “sees the Glendale City Council’s vote to nix the Coyotes deal as a positive toward its financial picture,” the Phoenix Business Journal reports.
“Voting to cancel the 15-year arrangement is credit positive because it reduces the city’s costs related to professional sports enterprises and provides additional resources for critical services,” Moody’s analysts said in a new report today.
The Phoenix Business Journal says the huge Coyotes contract is not the only financial concern in Glendale.
The city’s credit ratings have been affected over the years by heavy debt from Camelback Ranch, the spring training ballpark the Los Angeles Dodgers and Chicago White Sox play at.
