Fitch assigns International Game BB+

Fitch Ratings said it assigned first-time issuer default ratings of BB+ to International Game Technology plc (IGT) and IGT Lottery Holdings BV (Igtbv). Fitch also gave BBB-/RR2 ratings to IGT's senior secured debt, which consists senior secured notes and a term loan, with Igtbv as co-borrower on the term loan. The outlook is stable.

“IGT performed well during the pandemic, driven by its less cyclical lottery business, U.S. regional gaming's quick recovery, and IGT's large existing slot footprint. Fitch's calculation of gross leverage for YE2022 is 4x, down from 5.7x at YE2019. This has been supported by $200 million in structural cost savings and significant debt paydown from asset sale proceed,” the agency said in a statement.

Fitch said it sees a marginal decrease in total revenues for ITGT in 2023 and then sees its regaining ground by single digits afterward.

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