Fitch assigns BBB to Flutter notes

Fitch Ratings said it assigned Flutter Treasury DAC's planned $500 million and €500 million of senior secured notes expected BBB ratings. Flutter Treasury DAC is a 100% owned subsidiary of Flutter Entertainment plc.

“The debt is rated one notch above the issuer default rating (IDR), reflecting access to security by way of share pledges from material subsidiaries. It should, however, be noted that the notes documentation contains certain covenant suspension clauses that could lead to a change in instrument security, which may result in a downgrade of instruments to the level of Flutter's IDR, as per Fitch's corporates recovery rating and instrument criteria,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.