|
|
Article: Fitch Downgrades MLB Club Trust Securitization to 'A-'; Outlook Stable.
- Article from:
- Entertainment Newsweekly
- Article date:
- November 6, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Fitch Ratings downgrades Major League Baseball's (MLB) Club Trust Securitization to 'A-' from 'A'. The Trust consists of approximately $780 million variable funding notes, $339 million series-1 term notes, and $125 million series-2 term notes. The Rating Outlook is Stable.
The downgrade solely reflects a criteria change related to transaction structures which generally utilize a bankruptcy-remote securitization of future contractual flows. The criteria change is intended to fully reflect all business risks associated with the issuer. The MLB Club Trust structure utilizes a bankruptcy-remote securitization of pledged revenues consisting of long-term national ...