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S&P puts Activision on positive watch
S&P said it placed all its Activision Blizzard Inc. ratings, including the A- issuer credit rating, on CreditWatch with positive implications.
The placement follows the news Activision agreed to by acquired by higher-rated Microsoft Corp. in an all-cash deal, the agency said.
“The CreditWatch placement reflects the strong likelihood that we will upgrade or discontinue our ratings on Activision after the close of its acquisition by higher-rated Microsoft Corp. Upon the close of the transaction, Microsoft expects to report Activision's financials as part of its gaming segment. We also believe Microsoft intends to leverage Activision's video game portfolio and strong franchises to enhance its strategy for the video game industry,” S&P said in a press release.
S&P said it aims to resolve the CreditWatch after the acquisition closes, which is expected to occur during Microsoft's fiscal year 2023 (July 1, 2022-June 30, 2023).
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