S&P upgrades Ticketek

S&P said it raised its ratings for Ticketek and its $285 million first-lien term loan to B from B-. The agency also boosted the $100 million second-lien term loan rating to CCC+ from CCC. The 3 recovery rating on the first-lien debt and the 6 recovery rating on the second-lien loan are unchanged. Ticketek is a unit of Amplify MidCo Pte. Ltd.

“The rating upgrade reflects Amplify MidCo's improved fiscal 2022 (year ending June 30) trading performance and favorable outlook conditions. The company's improving trading performance continued its strong momentum during the first half of fiscal 2023, as the company executes on its pipeline of live entertainment and international touring schedules,” the agency said in a press release.

S&P said it also forecasts a hastier deleveraging of Amplify Midco’s balance sheet in 2023 and 2024 with leverage of 3.6x-4.4x in 2023 and 2024 compared to previous forecasts of 6x-7x in 2023 and 5.8x-6.4x in 2024.

However, an economic slump could pinch consumers’ wallets causing a decline in ticket sales, the agency warned.

The outlook is stable.

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