S&P cuts International Game

S&P said it downgraded International Game Technology plc to BB from BB+ and placed its ratings on Credit Watch with negative implications.

“The downgrade reflects a significant anticipated loss of revenue and cash flow at least in 2020 compared with our prior base case estimates, stemming from country-specific measures that have been put in place in response to the coronavirus pandemic, particularly in Italy, and its likely impact on consumer discretionary spending,” said S&P in a press release.

In resolving the CreditWatch, S&P said it plans to update its base-case forecast for the company and assess the potential for recovery in the second half of the year.

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