operators are under siege<\/a> because of cancellations and postponements of athletic competitions at the hands of the coronavirus.<\/p>\nStable View<\/h2>\n
The \u201cstable\u201d outlook assigned to Flutter assumes the company will at least grow at par with the markets it operates in, and that it proves successful in paring debt.<\/p>\n
\u201cThe stable outlook reflects our view that the company will continue to grow at least in line with the online market, and any regulatory pressure will be largely offset by the synergies achieved,\u201d said the credit agency. \u201cWe expect that Flutter’s leverage, as measured by Moody’s adjusted debt\/earnings before interest, taxes, depreciation and amortization (EBITDA) on a combined basis, will improve to below 3.5x and decrease towards 3.0x in the next 12-18 months, depending on the company’s commitment to repay debt with internally-generated cash flows.\u201d<\/p>\n
The ratings house said the outlook could be revised lower if Flutter’s leverage increases, or if the company pursues another big acquisition paid for in debt.<\/p>\n
At the end of last year, the company had almost $531 million in cash on hand<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"Moody’s Investors Service assigned a Ba1 credit rating with a \u201cstable\u201d outlook to Flutter Entertainment, the research firm’s first grade on the company following its $12.2 billion merger with The Stars Group (TSG). That deal, which was wrapped up earlier this week, creates the world’s largest online gaming company \u2013 one that’s expected to generate […]<\/p>\n","protected":false},"author":46,"featured_media":135214,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\n
Flutter Scores Junk Rating With Stable Outlook in First Post-Merger Grade<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n