Fitch rates NFL notes A+, A

Fitch Ratings said it assigned NFL Ventures, LP’s $350 million of senior notes an A+ consisting of $200 million series 2020-A tranche A and $150 million series 2020-A tranche B. Fitch also assigned an A rating to Football Trust’s $1.7 billion of senior secured notes.

To Football Funding II LLC’s $1 billion senior secured term loan, Fitch assigned an A rating.

“The A+ and A ratings reflect the NFL's position as the most popular professional sports league in the U.S.; its strong and highly regarded economic model, which includes multiyear television contracts and other significant revenue sharing among member clubs; a proven track record of conservative financial policies; and a new collective bargaining agreement (CBA) with its players union that includes a hard salary cap,” Fitch said in a press release.

The outlook is stable.

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