Fitch Affirms

A national credit watch agency has affirmed its AA rating of the bonds sold by St. Louis county through the Missouri Development Finance Board to support the Cardinals’ new ballpark. The bonds had been on Fitch’s “Rating Watch Negative” list since 2005 while courts considered the implication of Proposition A, a voter-approved amendment to the county charter. According to Fitch, circuit court and appellate court decisions found in favor of the county’s position and “validate the existing financing agreements of the bonds and the county’s legal ability to appropriate necessary payments under the contractual agreements.”

Now, our attention can turn to the pressing need for an additional arm and power-hitter.