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S&P cuts ASR Media
S&P said it downgraded ASR Media and Sponsorship SpA’s (MediaCo) bonds to B from B+. MediaCo is the financing vehicle for soccer team A.S. Roma and services the bonds through media and sponsorship receivables. Also, the team relies on distributions from MediaCo to fund part of its operations.
In S&P’s view, the team’s operations have weakened partially because of the pandemic and partially because the team switched to the UEFA Europa League from UEFA Champions League, the agency said.
The outlook is negative.
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