Moody’s shifts Formula One view to positive

Moody’s Investors Service said it changed the outlook for Alpha Topco Ltd. (Formula One) to positive from stable and affirmed the company’s ratings as well as the B2 rating on its senior secured facilities.

“The positive outlook assumes that the company will delever towards 6x on a Moody’s-adjusted basis during 2020 through mid- to high-single digit percentage growth in revenue and EBITDA. The rating also assumes that negotiation of a renewed Concorde Agreement is satisfactorily concluded, covering the sport from 2021, on a broadly similar economic basis for the company. The outlook also assumes that there are no significant debt-financed acquisitions or distributions that would prevent the company from deleveraging in line with expectations,” Moody’s said in a press release.

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