The ratings agency affirmed the BB- issuer credit rating on Fanatics Commerce’s senior secured term loan and the Collectibles’ division’s senior secured credit facility, while maintaining a negative outlook. S&P believes consolidated EBITDA will be positive with free operating cash flow in FY ‘25, assuming Commerce and Retail is profitable and growth at Collectibles begins to offset operating losses at Betting and Gaming, reducing adjusted leverage to below 5x. The company has paid down more than $700 million of debt and reduced its $500 million term loan B at Commerce by ... Log in to view full article.