Jul 18, 2014 Newsdesk Industry Talk, Latest News  
GTech SpA, a supplier of lottery and casino equipment in regulated markets, on Thursday said that Standard & Poor’s Rating Services had lowered its corporate credit rating to ‘BBB-’ from ‘BBB’.
The ratings service also lowered its short-term rating to ‘A-3’ from ‘A-2’. S&P is also lowering its ratings on GTech’s senior unsecured debt to ‘BBB-‘ from ‘BBB’, and lowered its ratings on the company’s subordinated debt to ‘BB’ from ‘BB+’.
The downgrades follow GTech on Wednesday saying that the company intends to acquire Nevada-based casino slot machine maker International Game Technology (IGT) for a total consideration of US$4.7 billion in cash plus acquisition of US$1.7 billion debt.
On Thursday Moody’s Investors Service stated it was placing GTech and IGT on review for downgrade following the merger announcement.
“The combined entity will have over US$6 billion in revenues and over US$2 billion in EBITDA based on the last twelve trailing months as of March 31, 2014,” said Moody’s.
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The Edge financial news outlet reported on Friday a statement on behalf of Malaysian businessman Vincent Tan of lottery specialist Berjaya Corp Bhd, describing as “inaccurate” reports of talks on...(Click here for more)
"With our ambition to be the leading gaming platform for the regulated online real money gaming industry, the addition of NeoGames to our team advances our strategy to build global scale and capability"
Trevor Croker
Chief executive of Aristocrat Leisure