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���������ֳ�’s Sector Outlook: Neutral ���������ֳ�’ sector outlook for global sports in 2024 is neutral. ���������ֳ� expects the operating environment for sports to remain stable in 2024, driven by strong support for sports and entertainment at the corporate and individual spending levels, and by the importance of sports within the media and cultural landscape. Key credit drivers of the U.S. sports sector are contractually obligated income (COI) streams, including media rights, for the leagues and teams; and premium seating, ticketing and sponsorships for teams and facilities. ���������ֳ� expects COI to remain stable in 2024 due to signed contracts for the upcoming year, which underpin the sector’s stability. An economic slowdown in the U.S. and eurozone could negatively affect sports. This could materialize in lower ticket sales, particularly for franchises experiencing weaker team performance. In our view, teams and facilities in stronger leagues with more robust revenue-sharing policies, or with stronger franchises, are likely to preserve stable credit profiles through a downturn. We highlight these as potential risks, but the sports sector remained a stable and growing asset class throughout prior economic downturns, including the 2008–2009 recession and the coronavirus pandemic. Rating Outlook Distribution – Stable Ninety-one percent of sports credits have Stable Rating Outlooks, reflecting broadly stable sector trends. ���������ֳ� made more upgrades than downgrades over the past year, reflecting stronger trends for these credits following the pandemic.