...MADRID (S&P Global Ratings) June 29, 2022--S&P Global Ratings said today that, although Cirsa Enterprises' operating performance is notably improving and the group continues to deleverage, debt maturities due in 2023, including a revolving credit facility (RCF) and a euro bond, pose some refinancing risk in the current volatile market environment. Spain-based gaming company Cirsa Enterprises (B-/Stable/--) has recorded a strong rebound in performance over the past 12 months. Recovering revenue and a structurally lower cost base and operating leverage have underpinned the improvements, and this should fuel continued deleveraging and accelerating FOCF. Despite challenges related to the omicron variant of the coronavirus at the start of the year, Cirsa is on track to surpass its 2019 EBITDA levels by year-end. This, however, will hinge on quarter-on- quarter improvements. In first-quarter 2022, Cirsa obtained close to 90% of its revenue compared with the results before the pandemic. We note...
