Fitch Affirms Citi Field Bond Rating at A-
Fitch Ratings reaffirmed the A- rating on Citi Field's PILOT and rental bonds, with a stable outlook.
Updated on Nov. 4, 2026 in Baseball
Fitch Ratings reaffirmed the 'A-' rating on Citi Field's PILOT and rental bonds under Queens Ballpark Company, with a stable outlook. The agency had upgraded the company from 'BBB' to 'A-' a year ago.
Why it matters
The rating affirmation signals continued confidence in the financing structure supporting the Mets' ballpark in Queens. Fitch cites Major League Baseball's league economics and the franchise's historical strength as factors behind the rating.
Queens Ballpark Company reported $149M in total revenue through June, including $74M in net admissions, $29M in advertising, and $23M from luxury suites and club premiums. Ticket and suite revenues remain sensitive to attendance and team performance.
The players
Fitch Ratings
Fitch Ratings is a major credit rating agency that assesses the creditworthiness of debt issuers, including stadium bond financings.
Queens Ballpark Company
Queens Ballpark Company is the entity that operates Citi Field and carries the stadium's PILOT and lease-backed debt obligations.
The details
Queens Ballpark Company's retained-rights revenue covers operating costs and the stadium's PILOT and lease obligations, and its structure includes lease-backed debt and a pledge of tickets. Concessions brought in $14M and parking $6M through June, while the Yankee Stadium LLC bonds carry a comparable A-/Stable rating from Fitch.
Timeline
Through June: Queens Ballpark Company reported $149M in total revenue.
A year ago: Fitch upgraded Queens Ballpark Company from BBB to A-.
Dec. 1 at 11:59 p.m. ET: Major League Baseball's collective bargaining agreement expires.
Season Trajectory
Citi Field's A- affirmation sits on the same credit tier as the Yankee Stadium LLC bonds, both rated A-/Stable by Fitch. Fitch's assessment links the rating to Major League Baseball's league economics and the Mets' historical franchise strength, a backdrop that becomes less certain as the league's collective bargaining agreement expires on Dec. 1.
Ticket and suite revenues, which make up a significant share of Citi Field's income, depend on attendance and team performance, so fans and season-ticket holders may see these factors shape future stadium finances. The upcoming expiration of the league's labor agreement could also affect the economic environment for teams.
The takeaway
Citi Field's stable A- rating reflects strong league economics and franchise history, but its revenue streams remain tied to attendance and on-field results. Readers following New York baseball should watch how the upcoming labor negotiations shape the broader financial environment.
What happens next
The Major League Baseball collective bargaining agreement expires on Dec. 1 at 11:59 p.m. ET, a date that could affect the league economics Fitch cites in its rating.
Further reading
For more on the Mets and other local teams, see Baseball coverage in New York City.
Source note: This article includes information reported by Sportsbusinessjournal.
