Moody's trims Intralot

Moody's Investors Service said it downgraded Intralot SA's corporate family rating to Caa2 from Caa1. Concurrently, Moody's downgraded Intralot's probability of default rating to Caa2-PD from Caa1-PD, and to Caa2 from Caa1 the rating of the €250 million senior notes due 2021 and €500 million senior notes due 2024, issued by Intralot Capital Luxembourg SA. The outlook for both entities remains negative.

"Today's rating action reflects Moody's view that the continued deterioration in earnings in 2019 increases the likelihood of a distressed exchange and potential losses to creditors,", said Florent Egonneau, an associate vice president and Moody's lead analyst for Intralot, in a press release. "

On February 24, Intralot announced the Bulgarian government passed legislation to nationalize all lottery-type games. As a result, Eurobet Ltd, Intralot's gaming partnership, will have three out of its six licenses terminated with immediate effect, representing a €6 million loss to consolidated annual EBITDA.

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