Downtown arena bond downgraded - KAIT-Jonesboro, AR-News, weather, sports

Downtown arena bond downgraded

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LOUISVILLE, KY (WAVE) - Another blow was dealt to the troubled financing efforts of the KFC Yum! Center Friday.

The credit rating agency Moody's downgraded the arena's bond further into junk status.

Moody's cited KFC Yum! Center's low cash reserves and the building's reliance on an underperforming tax increment financing (TIF) district as factors behind the decision.

The downgraded rating could make refinancing the arena's nearly $350 million debt more difficult and could cost the city millions of dollars in the long run.

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