Fitch rates NBA notes A-

Fitch Ratings said it assigned A- ratings to the following Hardwood Funding, LLC senior secured notes funding on Tuesday: $142.2 million of series RR, $174.8 million of series SS, $120 million of series TT, and $20 million of series UU, for a total of $457.0 million.

“The ratings reflect the underlying core economic model of the National Basketball Association (NBA), which includes moderate levels of revenue sharing and a collective bargaining agreement (CBA) that fosters competitive balance through its soft salary cap,” Fitch said in a press release.

The outlook is stable.

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