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Sports Barcelona receive financial boost as credit agency gives club positive debt rating

04:18  30 july  2021
04:18  30 july  2021 Source:   sportingnews.com

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"The credit rating agency gives a triple B rating to companies that are satisfactory at the time of rating , just as has happened to FC Barcelona after their assessment. "With this BBB stable negative rating the Fitch agency values positively the club 's financial project, which will have to News of Barça's financial plight won't come as a surprise to anyone who's followed the club 's progress in recent seasons. Joan Laporta has a big job on his hands at Barcelona / Eric Alonso/Getty Images. The Spanish behemoths are still desperately clinging onto the premise of a lucrative Super League, while

The credit rating agency only gives a triple B rating to companies whose financial state they approve. The club have claimed that the backing allows Barcelona to look to the future with optimism and confidence. Barcelona ’s financial situation has been headline news all summer. President Joan Laporta and sporting director Mateu Alemany have been desperately trying to clear deadwood and trim fat to lower their wage bill and create the financial space to both renew Lionel Messi’s contract and register their new signings while respecting La Liga’s strict salary cap.

Barcelona have been handed a rare piece of positive economic news after credit rating agency Fitch opened the door for the club to refinance their debts in order to ease their troubled balance sheet.

The Catalans' financial situation has severely affected their ability to operate in the current transfer market, due to their massive wage bill and losses over the last year.

But the agency's decision will allow them to take on further funding as they hope to complete several pending deals as well as Lionel Messi's long-awaited renewal.

Still in credit

Fitch has informed the club that their BBB- rating has now been approved, effectively a vote of confidence in their ability to manage this current financial situation.

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The credit rating agency gives a triple B rating to companies that are satisfactory at the time of rating , just as has happened to FC Barcelona after their assessment. With this BBB stable negative rating the Fitch agency values positively the Club 's financial project, which will have to undergo important readjustments to balance books. The confidence shown by Fitch allows the Club to look to the future with optimism and at a moment when the organisation is adjusting is financial viability plan as well as its strategic plan.

“The credit rating agency gives a triple B rating to companies that are satisfactory at the time of rating , just as has happened to FC Barcelona after their assessment. “With this BBB stable negative rating the Fitch agency values positively the club ’s financial project, which will have to undergo important readjustments to balance books. “The confidence shown by Fitch allows the club to look to the future with optimism and at a moment when the organisation is adjusting is financial viability plan as well as its strategic plan.”

"It is a very good piece of news, very positive, we could have expected a worse rating" financial analyst Marc Ciria affirmed.

"Generally, it is a rating which will impart trust in the financial markets."

What does it mean?

Credit ratings agencies are tasked with assessing the stability and viability of nations and businesses in meeting their debt obligations.

There are three principal operators in this field: Moody's, Standard and Poor's and Fitch.

Clients are rated with a letter grade, from AAA+, judged to be the safest, most stable investments, to C-, regarded as 'junk bonds' which entail the most risk.

Barcelona's BBB- rating therefore leaves them in a fairly good position and able to continue taking on debt at an annual rate of three per cent or lower.

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A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt , and an implicit forecast of the likelihood of the debtor defaulting.

The club hopes to refinance up to €1.2 billion (£1.02B/$1.4B) of obligations, including €750m (£639m/$890m) of short-term debt, and give itself more time to pay back creditors.

Fitch's decision, however, is also a warning for president Joan Laporta to drastically improve the club's administration.

"The negative sign is due to how we are placed," Ciria added. "If we continue on the same road we will lose that BBB-.

"A BBB+ means you are on track to be very stable. The BBB- warns that if you don't change, you will fall down to CCC+, which is not a good grade."

The bigger picture

Lionel Messi Barcelona 2020-21 © Provided by Goal.com Lionel Messi Barcelona 2020-21

Unable to spend any large sums in this transfer window due to their financial difficulties, Barca's principal objectives are now two-fold.

The Catalans must cut costs and raise new funds in order to meet Liga economic regulations, which will allow them to register four new signings: Memphis Depay, Eric Garcia, Sergio Aguero and Emerson.

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If high credit card debt is weighing on your score, paying off all or most of it in one swoop could give your score a quick and significant boost . First, the basics: A key component of your score is your credit -utilization ratio--the amount you owe on your credit cards as a proportion of your card limits. is underpinned by capacity constraints from truck production limitations and driver availability challenges,” Fowler said.What Bloomberg Intelligence Says:“Most modes of freight transportation have pricing power. Supply-demand imbalances should help keep rates high, albeit they should moderate for

Furthermore, unless the wage bill is significantly reduced they are also unable to confirm Messi's new contract, despite already coming to an agreement which will see the star slash his salary in half when he puts pen to paper on a five-year extension.

Konrad de la Fuente, Jean-Clair Todibo, Francisco Trincao, Carles Alena and Junior Firpo have all left Camp Nou so far this summer, while Barca will also listen to offers for the likes of Philippe Coutinho, Ousmane Dembele and Antoine Griezmann in their bid to balance the books.

Further reading

  • Depay: I'm compatible with Messi and Aguero
  • Barca confident Ilaix will renew contract

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