S&P rates Minn. stadium bonds BBB-

Standard & Poor's said it assigned a preliminary BBB- rating to $85 million project revenue bonds, series 2008, to be issued by Twins Ballpark, LLC.

The series 2008 bonds are due in 2025. The outlook is stable.

S&P assigned the same rating to $125 million in variable-rate bonds, series 2008B, which will be issued separately. The ratings will be finalized upon review of the closing documents.

Proceeds will fund the Minnesota Twins' share of the cost of constructing a new ballpark in Minneapolis. The ballpark will be owned by the Minnesota Ballpark Authority, which was formed for this purpose by the state of Minnesota. The authority will fund two thirds of the cost through sales tax revenue bonds issued by Hennepin County.

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