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Credit Agency Rates Rose Bowl Renovation Bonds ‘AA’

Published on Wednesday, September 21, 2016 | 12:45 pm
 

Bonds being used to pay off the Rose Bowl’s renovation plans has been given a good rating by Fitch Ratings, an international company known as one of the big three credit rating agencies.

The bonds, worth about $38 million, received an ‘AA” rating and will be sold during the week of September 19. The proceeds will be used to advance refund a portion of money spend on renovations by the Pasadena Public Financing Authority, according to a statement released to the media.

The Rose Bowl Renovation Project is a $183 million plan approved by the Pasadena City Council and the Rose Bowl Operating Company in 2010 to improve public safety, facility operations and enhance fan experience all while maintaining the stadium as a National Historic Landmark.

According to the Rose Bowl’s website, renovations will include widening eight stadium tunnels, six new energy-efficient LED video boards and scoreboards, the reconstruction of eight entry gates and four restrooms, new paths of egress/ingress for fans to reach their stadium seats, and the new seven-story Terry Donahue Pavilion on the west side of the stadium, which will provide premium air conditioned seating and even a commercial kitchen.

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