S&P boosts Allwyn

S&P said it raised its ratings on Allwyn International as and its senior secured notes to BB from BB-. The 3 recovery rating on the notes is unchanged.

“Allwyn continues to demonstrate a solid financial performance, with revenue growth and resilient cash flow generation following our expectation of strong full-year results, and credit metrics we expect will strengthen further over the next 12-24 months. Allwyn's proportionate revenue and EBITDA increased to €1.7 billion and €556 million in financial year ended Dec. 31, 2021, while S&P Global Ratings-adjusted leverage declined to 4.2x, slightly ahead of our previous expectations.,” the agency said in a press release.

S&P said it forecasts the company’s revenue and EBITDA to further grow in 2022 to over €2.5 billion and €700 million-€750 million respectively.

Last February, the issuer sold €600 million in notes and then obtained €1.6 billion in senior facilities agreement in November. It also used the proceeds to repay debt, provide term financing for upfront costs ahead of the start of the United Kingdom’s National Lottery license and funded a €200 million dividend to its parent KKCG.

The outlook is stable.

Allwyn rebranded from Sazka Group AS.

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