S&P lifts Cirque du Soleil

S&P said it raised its ratings on Spectacle Bidco Holdings Inc. (Cirque du Soleil) to B from B- and its $316 million of first-lien debt to BB- from B+ and the rating on its $341 million second-lien term loan to B- from CCC+.

“The upgrade to B reflects the successful relaunch of Cirque's shows, resulting in good EBITDA and cash flow generation and our expectation that it will sustain leverage below 6x through 2023.Cirque's revenue and EBITDA generation through the first nine months of 2022 has been substantially higher than we forecast. As a result, we now expect S&P Global Ratings-adjusted leverage to end 2022 at about 5x compared to our prior expectation for approximately 7x in 2022,” the agency said in a press release.

The outlook is stable.

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