S&P turns Ticketek view to stable

S&P said it changed its outlook on Ticketek (TEG Pty Ltd.) to stable from negative. TEG is a unit of Amplify MidCo Pte Ltd. The agency affirmed its ratings and then withdrew its outlook and ratings on TEG and assigned them to Amplify.

“The outlook revision reflects Amplify MidCo's improving trading performance and the recovery in ticketed events and tours. We believe the company's trading performance and operations will continue to recover and grow as restrictions on non-essential gatherings cease and society adapts to a post-Covid normal. Attendance rates have improved, buoyed by greater confidence from patrons to attend live events and tours.

“In addition, the easing of restrictions on international travel and quarantine periods should assist the company to schedule concerts and tours for international-based artists,” S&P said in a press release.

The agency also affirmed the B- issuer credit rating and the B- issue rating on the group's $285 million first-lien term loan B, consisting of a $205 million tranche and A$118.2 million tranche, with a recovery rating of 3. S&P also affirmed the CCC issue rating on TEG's $100 million second-lien term loan B with a recovery rating of 6. At the same time, S&P assigned a B- long-term issuer credit rating to Amplify, the ultimate parent of the group.

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