Fitch Ratings has upgraded the rating for Yankee Stadium’s PILOT and rental bonds this year from BBB+ to A-, suggesting a high credit quality. Fitch added that the Bronx ballpark’s rating outlook remains stable.
Yankee Stadium previously had a BBB+ (good credit quality) rating since at least June 2020.
“The upgrade reflects StadCo’s strengthened financial profile, including Major League Baseball’s solid economics and the New York Yankees’ robust historical franchise strength,” Fitch wrote in its analysis.
“StadCo’s credit profile benefits from the contractual assignment obligation of all ticket and license fee proceeds at Yankee Stadium by the New York Yankees Partnership (NYYP; the team) to StadCo, while NYYP retains responsibility for any refunds or credits. Ticket and license fee assigned proceeds benefit from solid levels of contractually obligated income (COI) through season-ticket and premium-seating contracts but remain vulnerable to fluctuations in attendance levels.”
The Yankees reported $387M in aggregate ticket sales and suite license revenue during the 2025 season, down from a franchise-record $411.7M in 2024 when the team reached the World Series. Annual filings do not include merchandise or food and beverage purchases at the ballpark.
The Yankees reported nearly $225M in aggregate ticket sales and suite license revenue for Q1 2026. That was down slightly from Q1 2025 ($226.7M compared to $224.9M), though there were no home games played during the first quarter this season as opposed to three last season.
The team, currently sitting in first place in the AL East division, ranks third in the majors in average attendance (41,023).
Thanks to the city-issued PILOT bonds — used to fund the construction of both Yankee Stadium and Citi Field (home of the Mets) — debt service payments are made in lieu of taxes. According to a letter from the NYC Industrial Development Agency that was published in December, had Yankee Stadium been subject to property tax it would have a tax bill of $133.3M in fiscal 2026, which runs through June.
In November, Fitch upgraded the rating for Citi Field’s PILOT and rental bonds under “Queens Ballpark Company” from “BBB” to “A–.”
According to Fitch, “Yankee Stadium benefits from the team’s franchise strength and historically more stable and robust levels of attendance and ticket revenues, while QBC benefits from a broader range of available revenues, including sponsorships, parking and concessions.”