S&P affirms Endeavor Operating

S&P said it affirmed its B issuer credit rating on Endeavor Operating Co. LLC (formerly WME Entertainment Parent LLC).

The outlook is stable.

“The stable outlook reflects our forecast for a moderate recovery in the company's EBITDA margin starting in 2019 and consolidated adjusted leverage of 6.5x-7.0x in 2019 if the company completes the IPO and repays debt,” S&P said in a news release.

“The rating would be stable even if the IPO is not completed because even though leverage would be weak in the mid-7x area in 2019, it would not be sustained above our 7.5x downgrade threshold and adjusted EBITDA coverage of interest expense and liquidity are otherwise adequate.”

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