Fitch rates NBA notes A-

Fitch Ratings said it assigned an A- rating to the National Basketball Association's $231 million senior notes, which were privately placed through its affiliate, Hardwood Funding, LLC.

The issue consists of $20.7 million series 2016 Y seven-year notes, $71.3 million series 2016 Z 10-year notes, $41 million series 2016 AA 12-year notes and $98.3 million series 2016 BB 15-year notes.

Fitch also said it affirmed the NBA's outstanding $2.17 billion senior notes issued through Hardwood Funding at A-, along with its outstanding $1 billion secured revolving facility due 2020 issued through Basketball Funding LLC at A-.

The outlook is stable.

The ratings reflect the underlying core economic model of the NBA, which is based on a solid revenue sharing mechanism and a collective bargaining agreement that fosters competitive balance through its soft salary cap, the agency said.

The ratings also consider the NBA's overall domestic and international popularity, Fitch said.

The NBA has a strong economic model that includes equal distribution of multi-year national television-contract revenues and significant revenue sharing among member teams, the agency said.

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