Moody's upgrades Sportradar Group

Moody's Investors Service said it upgraded to Ba3 from B2 Sportradar Group AG's corporate family rating and to Ba3-PD from B2-PD the company´s probability of default rating. Concurrently, the agency raised to Ba3 from B2 the rating on the €220 million senior secured term loan due 2027 issued by Sportradar Capital Sarl and the €110 million senior secured multicurrency revolving credit facility.

"Today's upgrade reflects the company's solid 2022 financial performance and significant debt reduction following the €200 million early repayment of the TLB (€420 million were initially issued in 2020) which brings the debt to EBITDA ratio to 2.6x from 4.6x as of June 2022. The upgrade also reflects the expectation of positive free cash flow generation in 2022 and 2023.

“Moody's believes the company has significant financial resources to execute on its investment plan and any future acquisitions will largely be EBITDA accretive to support the overall growth and diversification of its business," said Stefano Cavalleri, a Moody’s vice president, senior analyst and lead analyst for Sportradar, in a press release.

The outlook for both companies remains stable.

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