Fitch Revises Entain's Outlook to Stable on Expected Deleveraging

Fitch Ratings on Thursday affirmed its long-term issuer default rating on Entain (ENT.L) at BB and changed the outlook to stable from negative. The revised outlook points to Fitch's expectation that the sports betting and gaming company will reduce leverage following its recently announced sale of stakes in its businesses in Poland and Croatia. Fitch also expects Entain to focus on deleveraging over the medium term, without debt-funded mergers and acquisitions or higher shareholder returns. The rating agency said Entain is expected to restore rating headroom after the disposal by cutting debt and cancelling the put option on the minority stake in its Central and Eastern European business.