The NBA has shown resiliency through the coronavirus pandemic, and their ability to deliver games resulted in continued full payment of national media rights revenues, which supports the NBA’s financial obligations. With a return to a more normal schedule in the 2021-22 season, Fitch expects the NBA will maintain manageable leverage levels both on a current and forward-looking basis for the notes and revolving facilities over the course of the current broadcast contracts which run through 2024-2025.