Asmodee Group's credit rating has been upgraded to 'BB-' by S&P following debt repayment and a stable outlook.

S&P Global Ratings has upgraded Asmodee Group AB's credit rating from 'B' to 'BB-' due to the company's debt reduction and transparent financial policies. The rating agency also removed Asmodee from its CreditWatch list. This change follows the company's repayment of €300 million of its €940 million senior secured bonds issued in December 2024. The debt repayment was enabled by a €400 million capital injection from Asmodee’s former parent company, Embracer Group AB, and the company's upcoming independent listing on Nasdaq Stockholm on February 7, 2025.

The debt repayment significantly improved Asmodee's financial risk profile. S&P Global Ratings projects the group's debt/EBITDA ratio to be approximately 3.0x for the fiscal year ending March 31, 2025, a significant reduction from the previously expected 5.5x. Asmodee’s operational performance for the first nine months of the 2025 fiscal year remained in line with expectations, driven by strong consumer interest in established intellectual properties and new game releases. Despite increased operating costs, the company is expected to achieve an EBITDA of approximately €200 million for the fiscal year 2025.