UPDATE 1-World Series a positive for Mets bonds - Moody's

(Adds fund manager quote, bond price)
By Edward Krudy
NEW YORK, Oct 26 (Reuters) - The New York Mets' first
appearance in baseball's World Series since 2000 won't just have
fans cheering, it should also bring a smile to holders of the
club's bonds.
Competing for the Major League Baseball championship this
year should generate excitement among fans next year too,
helping the team fill its stadium, Citi Field, at home games.
That will push up revenues, making more cash available to pay
back the debt.
The Mets completed a four-game sweep of the Chicago Cubs in
the National League Championship Series. They meet the Kansas
City Royals in the best-of-seven World Series beginning on
Tuesday.
Credit ratings agency Moody's Investors Service said in a
note on Monday that for bondholders, if not for fans, it does
not matter if the Mets win or lose the championship. Moody's
report showed that home attendance usually increases the
following season for both the winner and loser.
Increased attendance can have a compounding effect at modern
stadiums like Citi Field, completed in 2009, which offer fans
better dining and shopping than the usual hot dogs and popcorn.
"Just getting butts in seats actually can have a multiplier
effect that you used to not have at some of the old stadiums,"
said John Medina, an analyst at Moody's.
Medina's research showed that home attendance increased the
following season for every major league baseball team, apart
from one, that has played in the World Series in the last 14
seasons. The exception was the San Francisco Giants in 2012,
when attendance fell 1.5 percent.
"It definitely helps the credit," said Craig Brandon, a fund
manager at Eaton Vance, who owns Mets bonds. However, Brandon
cautioned that the bonds are not just about ticket sales as
other revenues such as licensing fees also back the bonds.
"The Yankees bonds are more a pure play on ticket revenues,
said Brandon, a Boston-based Red Sox fan. "When the Yankees are
in the World Series it's more of a direct credit positive."
Moody's said the average increase in home game attendance
following a World Series was 10.6 percent and the median
increase 5.7 percent.
The Mets have around $650 million in outstanding debt that
was issued through the New York City Industrial Development
Agency to construct the Mets' new stadium. Some of that debt
last traded at $115.62 cents on the dollar, yielding 1.45
percent.
The Mets did not respond to questions from Reuters.