Moody’s assigns Flutter Ba1

Moody’s Investors Service said it assigned a corporate family rating of Ba1 and a probability of default rating of Ba1-PD to Flutter Entertainment plc following the closing of its merger with The Stars Group Inc.

Concurrently, Moody’s assigned a Ba1 rating to Flutter’s £950 million senior secured term loan A and £450 million revolving credit facility.

The outlook is stable.

“The stable outlook reflects our view that the company will continue to grow at least in line with the online market, and any regulatory pressure will be largely offset by the synergies achieved. We expect that Flutter’s leverage, as measured by Moody’s adjusted debt/EBITDA on a combined basis, will improve to below 3.5x and decrease towards 3x in the next 12-18 months depending on the company’s commitment to repay debt with internally-generated cash flows,” said Moody’s in a press release.

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