Fitch rates Hardwood Funding notes A-

Fitch Ratings said it assigned A- ratings to Hardwood Funding, LLC's four series of senior secured notes, totaling about $838 million.

Fitch also said it affirmed the ratings on Hardwood Funding's outstanding $2.3 billion senior secured notes and outstanding $1.3 billion senior secured revolving credit facility.

The outlook is stable.

The ratings reflect the underlying core economic model of the National Basketball Association, which includes moderate levels of revenue sharing and a collective bargaining agreement that fosters competitive balance through its soft salary cap, Fitch said.

The league's solid viewership and attendance trends and robust international growth through the economic cycle indicate a strengthening position among professional sports leagues, the agency said.

The ratings reflect the current level and forward-looking trajectory of leverage on the notes and revolving facility over the course of the NBA's current broadcast contracts.

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