Moody's stabilizes Formula One view

Moody's Investors Service said it changed the outlooks on Alpha Topco Ltd. (Formula One) and Delta 2 (Lux) Sarl to stable from negative.

“The stable outlook reflects Moody's expectation that the company's adjusted leverage will reduce to around 6x over the next 12 to 18 months. It also assumes that liquidity will remain solid and that there will be no debt funded distributions or acquisitions leading to a material increase in leverage. The outlook also assumes that covid-related disruption to the remainder of the 2021 race calendar will be more limited, and whilst there could still be some impact on race attendances, the company will achieve a substantial recovery in revenues and EBITDA in the year,” the agency said in a press release.

Moody’s also affirmed Formula One’s B2 corporate family rating and B2-PD probability of default rating and the B2 ratings of the $2.9 billion backed senior secured term loan B and the $500 million backed senior secured revolving credit facility issued by Delta 2.

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