Fitch Ratings affirmed the 'A' rating of Major League Baseball's (MLB) $1.4 billion league-wide revenue-backed securitization facility. The facility is made up of $853 million variable funding notes, $389 million series-1 term notes and $125 million series-2 term notes. The rating outlook is stable.
On Dec. 15, 2008, the trust issued $125 million of series-2 term notes that were used to partially pay down the outstanding $978 million variable funding notes. As a result, the overall leverage of the Trust remains unchanged, Fitch said.
The notes are primarily secured by rights to certain payments shared among MLB clubs, including, telecast and radio broadcast revenues from national and international media contracts. The notes also receive payments from revenues under licensing and sponsorship contracts entered into by Major League Baseball Enterprises, the rating agency said, although to a lesser degree.
