LOUISVILLE, Ky. (AP) -- The Metro Council president in Louisville says a credit rating firm has again downgraded the KFC Yum Center's bonds.
Council President Jim King tells The Courier-Journal (http://cjky.it/19sY04G) the downgrade puts on hold a potential refinancing for a lower interest rate that could save millions a year.
Credit rater Moody's Investors Service downgraded its opinion of the Yum Center bonds to Ba3, pushing them deeper into "junk" status. Moody's cited persistent risks to the arena's ability to pay off the $349 million worth of bonds.
King says a Louisville Arena Authority committee will continue looking for ways to improve the financial picture and possibly refinance a year from now.
He says the committee has been discussing trying to take advantage of low interest rates, but says "it's a non-starter at this point."