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���������ֳ�’s Sector Outlook: Improving ���������ֳ�’ sector outlook for global sports in 2022 is improving relative to 2021, driven by increasing numbers of fans returning to games and continued stability in sports league operations. Business conditions were severely impacted by the pandemic in 2020 and 2021, despite continued strong demand for sports content. ���������ֳ� expects improving trends in 3Q21 and 4Q21 in the U.S. will continue in 2022, with full attendance permitted at all U.S. facilities. ���������ֳ� expects attendance and revenues will return to pre-pandemic levels over the next one to two years, depending on the team and market. Rating Outlook Distribution Rating Outlooks are primarily Stable. ���������ֳ� maintained the vast majority of sports credits on Stable Outlook since the onset of the pandemic in March 2020, reflecting our through the cycle credit view. Sports have proven to be a resilient asset class, maintaining strong demand from fans and liquidity support from additional borrowing at league and club levels or deep-pocketed owners. The Stable Outlooks reflect ���������ֳ�’s expectations that most credits will recover to pre-pandemic levels in the next one to three years.