Barcelona downgraded by credit ratings agency amid Spotify Camp Nou delays
Credit ratings agency Morningstar DBRS has downgraded the outlook for FC Barcelona due to delays in rebuilding their stadium, Spotify Camp Nou.
The agency kept Barcelona’s main credit rating at BBB but changed their projections from “Positive” to “Stable”.
The Spanish champions have faced repeated delays in reopening their revamped home, which will have a capacity of 105,000 when complete.
To cover extra costs and make up for lost revenue caused by the delays, Barcelona plan to borrow another €210m this year.
This new borrowing is backed by the club’s future media income and must be repaid in 10 years. As a result of this extra debt it will elongate the period Barcelona has to pay off its debts.
Debt levels are expected to rise sharply in the short term with the club’s debt compared to its earnings expected to peak at a high of 9.7x in the coming year.
Barcelona moved back into Camp Nou during last season with cacapcity capped at 45,000. That has now been increased to 62,000 but construction is now not expected to be full completed until late 2027.
Barcelona long-term outlook remains positive
Despite the short-term problems, Morningstar DBRS remains positive about Barcelona as a business. They are one of the world’s most popular and valuable football clubs boasting world class players such as Lamine Yamal, Pedri and Gavi.
The Catalan club boast strong commercial operations and broadcasting rights income, despite matchday revenue being limited by the works. Perhaps most importantly Barcelona have been able to maintain success on the pitch, securing their second straight LaLiga title in May and remaining a regular fixture in the Champions League
DBRS Morningstar expects the club’s revenue to hit €1bn in 2026 and reach around €1.2bn by 2028. The construction of the new Spotify Camp Nou plays a fundamental role in the agency’s revenue forecast, with growth expected to be fuelled by higher ticket sales, hospitality and sponsorships.
Deloitte listed Barcelona as the second richest football club in the world, raking in €974 million in revenue in the last year.