Fitch rates NFL Ventures notes A+

Fitch Ratings said it assigned an A+ rating to the NFL Ventures, LP's $430 million senior notes guaranteed by the National Football League, consisting of $50 million series 2018-A tranche A due 2032, $50 million series 2018-A tranche B due 2034, $230 million series 2018-A tranche C due 2035 and $100 million series 2018-A tranche D due 2045.

The outlook is stable.

The ratings reflect the NFL's position as the most popular professional sports league in the United States, along with its strong and highly regarded economic model, which includes sizable multi-year television contracts and significant revenue sharing among member clubs, Fitch said.

The NFL product continues to be among the most highly coveted sports programming and content, the agency said.

But the sports sector is inherently vulnerable to discretionary spending from individuals and corporations, Fitch noted.

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