Moody’s upgrades TKO rating to Ba1 on strong cash flow outlook

Moody's Ratings has upgraded TKO Worldwide Holdings, LLC's corporate family rating to Ba1 from Ba2, changing the outlook to stable from positive, citing expectations of strong revenue growth, expanded profitability, and robust free cash flow. The upgrade is driven by projected low 20% revenue and 40% EBITDA growth in 2026, primarily due to increased media rights, subscriber base expansion, and operating leverage from major sporting events. TKO's successful integration of past mergers and acquisitions, along with securing multi-year agreements with major media partners, also contributed to the improved rating.