Fitch applies A to Football Trust notes

Fitch Ratings said it assigned an A rating to the Football Trust's (league-wide program supported by the National Football League [NFL]) $585 million senior secured notes series 2017 consisting of: $75 million series 2017-A due 2024; $260 million series 2017-B due 2027; $10 million series 2017-C due 2027; and $240 million series 2017-D due 2032.

The outlook is stable.

“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 sizable multi-year television contracts, significant revenue sharing among member clubs, a proven track record of conservative financial policies, and the current collective bargaining agreement (CBA) with its players union that includes a 'hard' salary cap,” Fitch said in a news release.

“Strong forecasted league-managed revenues, primarily national television contracts, provide the league-wide borrowing program debt with solid projected debt service coverage ratios and low leverage.”

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