Fitch rates NFL notes, facility A

Fitch Ratings said it assigned a rating of A to the National Football League's Football Trust $275 million of term notes 2021-XIV Trust and Football Funding II LLC's $3.2 billion revolving credit facility under the leaguewide credit facility.

“The A rating reflects the NFL's position as the most popular professional sports league in the U.S. and its strong and highly regarded economic model, which includes a long history of sizable multi-year national media contracts that were recently renewed through the 2032 or 2033 seasons, significant and equitable revenue sharing among member clubs, a proven track record of conservative financial policies, and a collective bargaining agreement (CBA) with its players union that includes a 'hard' salary cap through 2030,” Fitch said in a press release.

The outlook is stable.

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