S&P puts Endeavor, UFC on watch

S&P said it placed the ratings for Endeavor Operating Co. LLC and subsidiary UFC Holdings LLC on CreditWatch with negative implications.

The CreditWatch placements with negative implications reflect pressure on Endeavor's and UFC's various revenue streams due to the spread of the coronavirus. S&P said it preliminarily expects Endeavor to be very highly leveraged with adjusted debt to EBITDA of about 7x in 2020, incorporating a preliminary estimate of a mid-teens percent decline in events, media and services revenue, as well as a substantial decline in UFC's live ticketing revenue.

“We plan to resolve the CreditWatch placements once we can assess and quantify the effects of event cancellations on Endeavor's and UFC's EBITDA and liquidity,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.