S&P revs up Formula One ratings

S&P said it raised its ratings on Formula One (Delta Topco Ltd.) and its senior secured debt to BB+ from BB.

“Despite race cancellation of the Emilia Romagna Grand Prix, we expect the group to deliver S&P Global Ratings-adjusted EBITDA above $730 million in 2023, supported by the new Las Vegas Grand Prix. We forecast total revenue of $3.2 billion-$3.3 billion in 2023, up from $2.6 billion in 2022, supported in part by the maiden Las Vegas Grand Prix, which we expect to deliver up to $500 million of stand-alone revenue and profitability similar to some of Formula One's most profitable fly away races,” S&P said in a press release.

The agency said it estimates Formula One’s S&P Global Ratings-adjusted debt to EBITDA to decline to near 2x-2.5x in 2023, from 2.8x in 2022 and 4.6x in 2021.

The outlook is stable.

© 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.