S&P downgrades ASR Media

S&P said it downgraded the long-term issue ratings on ASR Media and Sponsorship SpA (MediaCo)’s bonds to B+ from BB- and placed them on CreditWatch with negative implications.

The CreditWatch placement indicates that we could lower the issue ratings by one or more notches if we consider that the effects of the pandemic may result in permanent operational and financial damage to Italian football.

“The European football ecosystem is facing unprecedented stress amid the Covid-19 pandemic, with all competitions halted and uncertainty regarding when they will restart and the long-term effects on fundamentals,” S&P said in a news release.

“ASR Media and Sponsorship SpA (MediaCo) relies on the strength of A.S. Roma's franchise and the prospects of the European and Italian football leagues, which have been negatively affected by Covid-19, in our view.”

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