...Fanatics Holdings, Inc.'s (FHI; B+/Stable) ratings reflect Fitch Ratings' expectation that continued strength at Collectibles combined with recovering margins at Commerce & Retail and declining losses at Betting & Gaming should lead to positive EBITDA generation in 2025. This combined with active efforts to reduce debt should support improving, but elevated, leverage in 2025 before declining below 5.0x in 2026. FHI's rating also reflects its strong competitive position, strong liquidity and recognizes potential that macro volatility and opportunistic investments slow the pace of EBITDA recovery....
