S&P Global Ratings assigned Allwyn AG a 'BB' long-term issuer credit rating with a stable outlook. This action follows the company's merger with OPAP S.A., establishing Allwyn AG as the group's ultimate parent and debt guarantor. S&P concurrently withdrew its 'BB' rating for Allwyn International AG.
The stable outlook reflects expectations of improved cash generation from recent acquisitions. S&P forecasts Allwyn will reduce its adjusted leverage to below 5x by 2027. A temporary leverage increase is expected in 2026 to fund the debt-financed acquisition of PrizePicks and cash exit payments from the OPAP merger.