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Flutter (FLTR 29s; Ba1/BBB- Pos/BBB) Moody's affirms at Ba1 Stable

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Moody's also affirmed Flutter at Ba1 Stable after the co's $2.95b acquisition spend the other week. It sees gross slightly above 4x by year-end - which looks harsh. We saw gross at 3.3x assuming $1b draw-down on current cash on hand. Moody's seems to have assumed more debt funding but even on full we see gross at 3.9x.

We don't see downgrade risk but equally don't see upgrade potential given Moody's needs gross below 3x - closer to bottom end of company targeted net 2-2.5x.

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Moody's also affirmed Flutter at Ba1 Stable after the co's $2.95b acquisition spend the other week. It sees gross slightly above 4x by year-end - which looks harsh. We saw gross at 3.3x assuming $1b draw-down on current cash on hand. Moody's seems to have assumed more debt funding but even on full we see gross at 3.9x.

We don't see downgrade risk but equally don't see upgrade potential given Moody's needs gross below 3x - closer to bottom end of company targeted net 2-2.5x.