S&P affirms Alpha Topco

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

The outlook is stable.

S&P also said it affirmed the BB- rating on Formula One's existing senior secured facilities.

The agency said it removed the long-term corporate credit and issue ratings from CreditWatch, where they were placed with positive implications in May.

Following the cancellation of the facilities owing to the initial public offering postponement, the agency said it withdrew the BB rating on its proposed senior secured loans, including the $1.3 billion amortizing term loan B due in June 2018; $450 million amortizing term loan C maturing in June 2017; and $50 million revolving credit facility due June 2017.

The agency said it also withdrew the 2 recovery rating on these proposed senior debt issues.

The postponement of the IPO and the cancellation of the proposed credit facilities will not significantly and durably lower its leverage contrary to previous expectations, S&P said.

Formula One's capital structure will remain unchanged with existing senior secured facilities of $2.2 billion, the agency said.

S&P said it understands the group could revive its IPO plans if market conditions improve over the next few months.

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