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Fitch lowers Intralot
Fitch Ratings said it downgraded Intralot SA's long-term issuer default rating to CCC+ from B-, and removed it from rating watch negative where it was placed on March 7.
Fitch also downgraded the senior unsecured rating on the bonds issued by Intralot Capital Luxembourg SA, and guaranteed by Intralot's key subsidiaries, to CCC+/RR4/36% from B-/RR4/33%.
The senior unsecured rating remains on rating watch negative.
“The downgrade reflects heightened liquidity and refinancing risks, with continuing negative free cash flow (FCF), albeit partly driven by capex associated with new contracts, and leverage remaining at a level no longer compatible with a B- rating,” the agency said in a news release.
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