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S&P raises Formula One
S&P said it boosted the issuer and loan ratings for Alpha Topco Ltd. (Formula One) to BB- from B+. The recovery rating on the term loan and revolver remains 3.
“Formula One has a track record of deleveraging, and its revised financial policy commitment to maintaining leverage below 5x underpins the rating. Since its acquisition of Formula One closed in 2017, Liberty Media Corp. (LMC) has sought to reduce leverage. Its track record in this area supported the upgrade,” S&P said in a press release.
The agency said it forecasts adjusted EBIDTA of $550 million-$600 million in 2022.
The outlook is stable.
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