Fitch revises Sportradar view to positive

Fitch Ratings said it revised Sportradar Management Ltd.'s (SRAD) outlook to positive from stable. The agency also affirmed the B long-term issuer default rating and Sportradar Capital Sarl's €420 million senior secured term loan at B+ with an RR3 recovery rating.

“The positive outlook reflects our improved view of revenue and EBITDA growth in light of a stronger recovery in 1H21 than initially expected, and growth from acquired companies. We also believe funds from operations (FFO) gross leverage could fall below our 5.5x upgrade threshold by end-2023. The scale of SRAD's free cash flow (FCF) is increasing and should grow towards €50 million per year over the same period. The rating is supported by the company's market leading position, good growth dynamics and high levels of recurring revenue,” Fitch said in a press release.

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