New York, August 12, 2016 -- Moody's Investors Service, ("Moody's") has assigned a Baa3 rating on approximately $482 million PILOT Revenue Refunding Bonds, Series 2016 (Barclays Center Project) issued by the Brooklyn Area Local Development Corporation, which serves as the conduit issuer. Concurrent with this action, Moody's also affirms the Baa3 rating on the remaining outstanding parity Series 2009 PILOT Bonds. The outlook is stable.

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