S&P puts Sisal on positive watch

S&P said it placed Sisal Group SpA’s B issuer rating on CreditWatch with positive implications.

The CreditWatch placement follows Flutter Entertainment plc's announcement on Dec. 23, that it agreed to acquire Sisal Group for about €1.9 billion. The deal is expected to close in the second quarter of 2022.

The agency said it aims to resolve the CreditWatch after the deal is completed.

“The positive implications of the CreditWatch placement reflect the likelihood that we will assess Sisal as a core subsidiary of Flutter when the deal closes and raise our rating to that on Flutter, assuming it is completed as proposed. If Sisal's debt is repaid as part of the transaction, we would withdraw all of our issue ratings on its debt,” S&P said in a press release.

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