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S&P Global Places Debt Of Endeavor, UFC On Credit Watch Negative

S&P Global Ratings placed the debt of Endeavor and its subsidiary, UFC, on "credit watch negative" because of the "impact of event cancellations during the coronavirus outbreak," according to Mike Ozanian of FORBES. According to S&P, Endeavor and UFC “have significant exposure to live events, entertainment and content production, which are at risk of closure in the near term due to the spread of the coronavirus.” S&P "placed all ratings on Endeavor and UFC, including the 'B' issuer credit rating, on CreditWatch with negative implications." In other words, the "junk bond ratings for both Endeavor and UFC could be lowered." S&P cited "concerns over EBITDA and liquidity." S&P said it expects Endeavor to be "very highly leveraged with adjusted debt to EBITDA of about 7% in 2020, incorporating a preliminary estimate of a mid-teens percent drop in events, media and services revenue, as well as a substantial decline in UFC’s live ticketing revenue" (FORBES.com, 3/16).

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