The international entity recognizes the substantial improvement in CIRSA's financial indicators and the adoption of a more prudent financial policy following its IPO. Solid operational growth and debt reduction bring the Group closer to "investment grade" levels.
CIRSA, a leading multinational in gaming and leisure and the top company in the sector in Spain, announces that the international credit rating agency Moody’s has upgraded its corporate rating to Ba3 from B1, while revising the outlook to stable, recognizing the substantial improvement in the Group's financial profile and the strength of its operational performance.
The rating upgrade occurs within the category known as "high yield," which groups companies with a higher level of relative risk, albeit in a process of strengthening. This advancement places CIRSA one step closer to the "investment grade" level, reserved for companies with the solidest credit profiles, which constitutes the next major strategic goal in financial terms.
Leverage Forecasts
The move reflects a clear evolution of the main financial indicators. In particular, CIRSA has managed to significantly reduce its debt level, with a leverage ratio that has gone from 4.1 times EBITDA before its IPO to 3.1 times in 2025, with expectations to continue decreasing to levels close to 2.5 times in the next 12–18 months, according to Moody's calculations.
Likewise, the company has notably reinforced its capacity to service its debt, with a significant improvement in interest coverage, which Moody's estimates will evolve from 1.8 times to approximately 4.0 times over the same period.
These advancements reflect the financial discipline adopted by CIRSA after its initial public offering in July 2025, as well as its commitment to a prudent balance sheet management and sustained value generation.
Positive Business Evolution
In the first quarter of 2026, CIRSA maintained a solid growth dynamic, recording operating revenues of 623 million euros and an operating profit of 194 million euros, representing increases of 8.0% and 8.5%, respectively, compared to the same period of the previous year.
These results reflect the strength of the business model and consistency in operational execution across all geographies and business units. Furthermore, solid cash generation and a good liquidity position have allowed for further debt reduction, with a decrease of 589 million euros since January 2025, and progress in optimizing the Group's financial structure.
Moody's also highlights CIRSA's leadership position in its core markets, its geographical diversification, and the balance between its retail and digital business as key elements of its strength. "We have upgraded CIRSA's rating to Ba3 as a result of the improvement in its financial indicators and the adoption of a more conservative financial policy since the IPO completed in July 2025," noted Kristin Yeatman, Vice President–Senior Analyst at Moody's and lead analyst for CIRSA.
Looking ahead, CIRSA will remain focused on the growth of its operations, the boost of the online channel, and the progressive improvement of its financial metrics, with the goal of continuing to reinforce its credit profile and moving toward "investment grade" levels.
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