S&P turns Sportradar view to positive

S&P said it revised the outlook for Sportradar Holding AG to positive from stable and affirmed B ratings on the company and its senior secured debt.

S&P noted Sportradar raised about €546 million from the public listing of less than 10% stake in the business giving it improved financial flexibility.

“The positive outlook reflects around a one-in-three probability of a rating upgrade within the next 12-18 months if the group reduces leverage comfortably and sustainably below 5x. This would need to be accompanied by robust business performance such that it maintains its current rate of revenue and EBITDA growth, meaningful free operating cash flow (above €60 million, for example), as well as a firm, public financial policy commitment to retain leverage below 5x supported by a prolonged track record,” the agency noted in a press release.

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