Fitch views Formula One positively

Fitch Ratings said it revised Delta Topco Ltd.'s (Formula 1) outlook to positive from stable while affirming its BB long-term issuer default rating. The agency also affirmed Delta 2 (Lux) Sarl's senior secured instrument rating at BB+ with an RR2 recovery rating.

“The revision of the outlook reflects the rapid deleveraging expected in 2023, driven by organic revenue growth across the race calendar and positive contribution from the Las Vegas Grand Prix (GP). We expect continued deleveraging thereafter with EBITDA leverage approaching our upgrade threshold of 2.8x by 2025. This is supported by an additional two races confirmed on the 2024 Championship calendar, record fan engagement and a strong revenue pipeline with a high proportion of revenue contracted through 2025,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.