The New York City Industrial Development Agency has given its approval to the New York Yankees to refinance approximately $1bn (€896.4m) of bonds sold to build the North American MLB baseball team’s stadium in the city. 

According to Bloomberg, the tax-exempt debt was issued in 2006 and 2009 by the same agency in order to support construction of Yankees Stadium, which opened in 2009 and replaced the team’s original home. 

Last week, Moody’s Investors Service opted to raise the stadium’s rating to Baa1, following an upgrade to Baa2 in June. Moody’s cited the strength of the team as the main reason behind the move, with the Yankees regularly pulling in bumper crowds.

Yankees Stadium, which has a capacity of over 50,000, is also the home of Major League Soccer franchise New York City.