Fitch assigns NBA loan BBB+

Fitch Ratings said it assigned a BBB+ rating to the National Basketball Association's $1.1 billion league-wide revolving facility borrowings, which will be renewed annually through its affiliate Basketball Funding, LLC.

In addition, Fitch said it has affirmed at BBB+ the NBA's $860.5 million of senior notes.

The outlook is stable.

According to the agency, the facility and notes are parity obligations secured by participating teams' national television contract revenues and other team assets, and proceeds from the revolving facility and senior notes may be used by participating NBA teams for general corporate purposes and to provide working capital.

The BBB+ rating reflects the NBA's solid position among professional sports leagues, both in the United States and globally, and its large and growing fan base, the agency added.

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