Additional Media Notes Issuance and Spotify Camp Nou Redevelopment Shape Credit Assessment
LONDON, United Kingdom — July 9, 2026 — Morningstar DBRS has confirmed FC Barcelona’s Issuer Rating at BBB and maintained its Senior Secured Media Notes rating at BBB, while revising the trend on both ratings from Positive to Stable. The decision reflects updated expectations surrounding the club’s financial trajectory, particularly developments linked to the ongoing Espai Barça stadium redevelopment project and revised financing requirements.
The credit rating agency said the change in outlook reflects a delay in FC Barcelona’s expected deleveraging progress, largely due to the anticipated issuance of additional debt financing during 2026. Morningstar DBRS noted that the club’s financial recovery remains supported by its global brand strength, commercial performance and long-term revenue opportunities linked to the redevelopment of Spotify Camp Nou.
Additional Financing Delays Expected Reduction in Debt Levels
Morningstar DBRS said FC Barcelona’s updated financing plans include the issuance of an additional EUR 210 million of Senior Secured Media Notes during 2026. The financing is expected to consist of EUR 105 million in July 2026 and a further EUR 105 million in November 2026.
The proceeds are intended primarily to support liquidity requirements and working capital needs as delays continue to affect the Spotify Camp Nou redevelopment project. According to Morningstar DBRS, the additional borrowing has slowed the club’s expected pace of debt reduction compared with earlier projections.
While project debt remains structurally separate from FC Barcelona’s reported debt figures, Morningstar DBRS said additional financing at the project level could reduce distributions available to the club and weaken cash flow available for debt servicing.
The agency’s base case assumes a further EUR 300 million of financing at the project perimeter, contributing to higher leverage in the near term.
Leverage Expected to Peak Before Medium-Term Recovery
Morningstar DBRS expects FC Barcelona’s leverage to increase significantly during the final stages of the stadium redevelopment. Debt-to-EBITDA, excluding gains on player transfers, is projected to reach approximately 9.7 times in financial year 2027.
However, the agency expects the increase to be temporary, forecasting an improvement to approximately 5.7 times in 2028 and 4.5 times in 2029 as stadium operations expand and new revenue streams develop.
Morningstar DBRS emphasised that project debt is not consolidated into FC Barcelona’s reported debt position.
The rating agency continues to view the club’s business profile as supportive of the current BBB rating level, citing its internationally recognised brand, diversified revenue streams and continued sporting competitiveness.
Spotify Camp Nou Expected to Strengthen Future Revenues
Morningstar DBRS said the renovated Spotify Camp Nou is expected to provide significant financial benefits once fully operational. Increased matchday attendance, higher-value hospitality offerings, VIP products and additional non-matchday events are expected to contribute to revenue growth.
Under its base case assumptions, Morningstar DBRS expects FC Barcelona’s total revenues to exceed EUR 1 billion in financial year 2026 and rise to around EUR 1.2 billion by financial year 2028.
The agency also expects the club to remain competitive in domestic and European competitions, including regular participation in the UEFA Champions League, while maintaining cost discipline and compliance with UEFA financial regulations.
Credit Rating Drivers Highlight Future Opportunities and Risks
Morningstar DBRS said a positive rating action could occur if FC Barcelona completes the stadium redevelopment successfully, achieves sustained improvements in earnings and cash flow generation, and reduces debt-to-EBITDA below 4.5 times on a consistent basis.
Conversely, negative rating pressure could emerge if the club adopts a more aggressive financial strategy, increases debt beyond current expectations, or experiences further delays, cost overruns or structural changes affecting project financing.
A downgrade could also occur if debt-to-EBITDA remains above 7.0 times by financial year 2029 or if the anticipated deleveraging path does not materialise.
Strong Brand Supports Long-Term Credit Profile
Morningstar DBRS highlighted FC Barcelona’s global sporting profile as a key factor supporting its credit rating. The club has more than 425 million social media followers and benefits from diversified income sources, including media rights, commercial partnerships, merchandising and matchday activities.
The agency said these strengths provide resilience through sporting cycles, while the Spotify Camp Nou redevelopment could further enhance the club’s commercial potential.
However, Morningstar DBRS noted that the club remains exposed to sporting performance risks and the challenges associated with completing and monetising the major stadium project.
The agency maintained its Comprehensive Business Risk Assessment at a(low)/bbb(high) and Comprehensive Financial Risk Assessment at bb/bb(low). The club’s Intrinsic Assessment remains at bbb.
Morningstar DBRS confirmed that no Environmental, Social or Governance factors had a significant impact on the credit analysis.
The rating action was issued on July 9, 2026, with Manuel Gutiérrez, Vice President, serving as Lead Analyst and Alberto Faraco, Senior Vice President and Sector Lead, serving as Rating Committee Chair. The credit rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.
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