Moody's upgrades Formula 1

Moody's Investors Service said it upgraded the corporate family rating of Alpha Topco Ltd. (Formula 1) to Ba3 from B1 and upgraded the company's probability of default rating to Ba3-PD from B1-PD.

"We expect F1's Moody's adjusted gross leverage to reduce to 4.0x at the end of 2022 compared to 6.3x at the end of 2021, helped by strong EBITDA growth and debt reduction. The business has strong growth prospects underpinned by new contract wins, contract renewals and the expansion of the race calendar and that should support further improvement in credit metrics over the next 12-18 months," said Gunjan Dixit, a Moody’s vice president, senior credit officer and lead analyst on F1, in a press release.

The agency noted it Formula 1’s revenues and EBITDA rocketed by 35% and 40% in the first nine months of 2022.

The outlook remains positive.

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