
Wall Street to downgrade BankAtlantic to "negative"
Even Wall Street has noticed the Florida Panthers' inability to pay taxpayers what were once big promises of profits.
Bond rating agence Moody's has notified the county that it intends to give the BankAtlantic Center a newly imposed "negative outlook," though it is expected to retain its Aa3 rating.
This from a February 2 memo sent to the county commissioners by County Administrator Bertha Henry on Thursday. Henry included an excerpt from the Moody's draft report sent to the county:
"The negative outlook reflects the facility operator's (Florida Panters, Inc.) recent inability to pay the County Preferred Revenue Allocation, and weakened, but recovering, Professional Sports Franchise tax collections that have resulted in lower debt service coverage."
Henry relates in the memo that the tourism bed tax collections that fund the county's financing of the arena in Sunrise saw a 17 percent reduction due to the recession. But Henry claims that tax base has "stabilized and are on the way back up to pre-recession levels."
-- During Broward Days last week, Southwest Ranches Mayor Tim Nelson and Commissioner Doug McKay were surprised by some anti-immigration prison protestors who offered them "clean money" to withdraw their suport for the proposed private, for-profit "detention camp." For the results, click here. One of the best parts is the frozen grin on another local mayor's face as she watches from the sidelines.
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