Fitch ups, pulls Stars Group

Fitch Ratings said it upgraded the issuer default ratings for the Stars Group and its co-borrowing subsidiaries to BBB- from BB+ and assigned negative outlooks. Fitch then withdrew the ratings. Flutter Entertainment plc, affirmed at BBB- by Fitch, acquired TSG.

“TSG’s upgrades reflect the unification of both Flutter and TSG under one single credit group on June 30, 2020, following the implementation of cross guarantees, leading to our assessment of strong ties and equalization of IDRs under our parent/subsidiary linkage (PSL) criteria. Fitch expects cross-collateralization to be finalized by the end of September 2020,” the agency said in a press release.

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