Moody’s rates Alpha Topco loans B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Alpha Topco Ltd., a holding company of the Formula One group of companies.

Concurrently, the agency withdrew Delta Debtco Ltd.'s B2 corporate family rating and B2-PD probability of default rating.

Moody's also assigned a definitive B2 rating to the senior secured term loans and Caa2 to the new second-lien term loans borrowed at Delta 2 (Lux) Sarl.

The outlook is stable.

The action follows the closing of the refinancing and shareholder distribution and concludes the review initiated on July 17.

Moody's moved the corporate family and probability of default ratings to Alpha Topco following the repayment of the high-yield debt at Delta Debtco and the resulting change in the restricted group. Alpha Topco is a direct subsidiary of Delta Debtco and holding company of the restricted group and a guarantor of the new debt.

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