|Mitchell Report doesn't affect Major League Baseball's credit rating|
|Written by Admin|
|Wednesday, 19 December 2007 11:15|
Fitch Ratings said Wednesday that it was affirming the ``A'' rating it assigned to the Major League Baseball Trust, which it said consists of a $978 million variable funding note and a $389 million term note.
The notes are secured by baseball's centralized broadcast contracts and other shared revenue.
Investors use credit ratings to determine the likelihood of getting their money back based on the terms of their investments.
``Fitch's affirmation reflects continued trust performance within expectations as broadcast agreements with FOX Broadcasting Company, Turner Broadcasting System, and ESPN provide contractual revenue through the 2013 season,'' the company said.
``Fitch does not expect that reaction to the recently released Mitchell Report will have any meaningful or long term impact on the trust revenues that secure the notes issued by MLB Trust.''
Fitch's highest rating is ``AAA'' and ``A'' is several grades below on a scale that descends to ``BBB-,'' company spokeswoman Cindy Stoller said.