Moody's upgrades Formula One

Moody's Investors Service said it upgraded the corporate family rating of Alpha Topco Ltd. (Formula One) to B1 from B2, and upgraded the company's probability of default rating to B1-PD from B2-PD. The agency also raised the ratings of the $2.9 billion backed senior secured term loan B and the $500 million backed senior secured revolving credit facility maturing in 2024 issued by the company's subsidiary, Delta 2 (Lux) Sarl to B1 from B2. The agency changed the outlook of both entities to positive from stable.

“Moody's expects the company to grow revenues by over 10% in each of 2022 and 2023, and growth rates could be significantly higher in the event that a full race calendar can be operated as scheduled without disruption. As a result Moody's-adjusted EBITDA is expected to reduce towards 5x over the next 12-18 months, from 6.3x as at December 2021. Moody's-adjusted EBITDA could be well over $600 million by 2023, indicating the potential for Moody's-adjusted leverage to reduce further, to below 5x,” the agency said in a press release.

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