Not surprising at all. It's interesting that while the situation with the NHL is obviously a drag Moody's also notes that there is an eroding tax base and a high debt burden, some of which is certainly arena related. To me that says that this would have happened regardless of the NHL being present, and that the attempts to keep the team there are based around a (quite possibly misguided) belief that they can stabilize the situation, or possibly bring people to the area to bump revenues. Overall I think it's safe to say that you probably shouldn't be looking to hire anyone involved with the City of Glendale as your financial planner.
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