S&P rates Cirsa Gaming senior notes B+

Standard & Poor’s said it affirmed its B+ long-term corporate credit rating on Cirsa Gaming Corp. SA. The outlook is stable.

S&P also affirmed the B+ issue rating on Cirsa’s €450 million senior unsecured notes due 2018. The recovery rating on these notes remains unchanged at 4, reflecting an expectation of average recovery (30%-50%; higher half of the range) for noteholders in the event of a payment default.

At the same time, S&P assigned a B+ issue rating to the proposed €500 million senior unsecured notes due 2023. The recovery rating on these notes is also 4.

S&P said the rating affirmation reflects its opinion that the partial refinancing will have a limited effect on Cirsa’s financial risk profile.

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