S&P lowers Formula One

Standard & Poor's said it lowered the long-term corporate credit rating to B from B+ on Alpha Topco Ltd. (Formula One).

S&P also said it lowered the rating on Formula One's amended-and-extended senior secured facilities to B+ from BB-.

The outlook is stable.

The ratings also were removed from CreditWatch, where they were placed with negative implications in October.

The downgrade reflects that Formula One's leverage will significantly and durably increase following its success in raising $1 billion of subordinated debt and amending-and-extending its senior secured facilities, S&P said.

Despite potentially weaker credit metrics post transaction, the group's high contract backlog of more than $7 billion should provide some visibility and stability to the new capital structure, the agency said.

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