When Will the Coronavirus-Driven Sports Shutdown Affect Credit Ratings?
This commentary is part of a series providing credit insights on the Corporate sectors DBRS Morningstar views as the most exposed to the Coronavirus Disease (COVID-19) outbreak and where we maintain meaningful rating coverage.Currently, the world's major sports leagues have merely postponed games, which has affected the timing of revenues and cash flow; however, we now believe that this will likely lead to cancellations. The various leagues are mulling over their options, which range from finishing current seasons at later dates, compressing full seasons into shorter time frames, and/or cancelling games altogether. Leagues are prudently preparing for the worst by increasing borrowing capacity to support franchises that may require liquidity.
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