S&P ups Sazka, rates notes BB-

S&P said it raised Sazka Group AS’ rating to BB- from B+ and gave BB- issue with 3 recovery ratings to its planned €500 million of notes.

Sazka plans to list on the New York Stock Exchange via a merger with special-purpose acquisition company Cohn Robbins Holdings. The transaction will allow the company access to public markets and should help reduce Apollo's current preference equity at Sazka Entertainment, an instrument the agency said it treats as debt.

“We forecast S&P Global Ratings-adjusted leverage will fall to around 4x in 2022, supported by a rebound in group earnings,” S&P said in a press release.

The outlook is stable.

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