Barcelona approved a 35-year debt plan in a referendum of club members in 2021 that would enable them to renovate their iconic but languishing Camp Nou stadium and its surroundings.
KBRA said the revised structure included additional refinancing and interest rate risk and as a result it had downgraded the financing plan's rating from BBB+ to BBB, meaning it is less attractive to investors. Camp Nou is the largest football stadium in Europe and the fourth largest in the world by capacity with 99,354 seats but the club considers it no longer offers a full match-day experience for fans.
Club president Joan Laporta, who presided over one of Barca's most successful periods from 2003 to 2010, was re-elected two years ago after the previous board resigned due to the club's worsening finances and other issues.