Moody's had made its call on the bonds for Allentown's hockey arena project.
Moody's has given a rating of Baa2 to those bonds.
Moody's says that's a medium grade bond with some speculative elements and a moderate credit risk.
It's also just two steps above a speculative grade bond.
Lafayette College economics professor Ed Gamber says the middling credit rating means it'll cost more to finance the project.
"It's all on the side of the creditors, the people who are loaning them the money, want more interest because it's a higher risk of default," said Lafayette College Professor Ed Gamber.
Still Gamber says he doesn't know how much more expensive the project could be.
The bonds Moody's just rated will be sold to fund the construction of the arena.
The details of that sale are still being sorted out.