Moody’s assigns Intralot notes B1

Moody's Investors Service said it affirmed Intralot SA’s B1 corporate family rating and B1-PD probability of default rating, as well as the B1 rating on the existing €250 million senior unsecured notes due September 2021 issued by Intralot Capital Luxembourg SA.

Concurrently, the agency assigned a prospective B1 rating to the proposed €450 million senior unsecured notes due 2024 also to be issued by Intralot Capital Luxembourg.

The outlook is negative.

Moody’s said the affirmation reflects Intralot's modest like-for-like reported EBITDA growth of 3.6% (or no growth if adjusting for Eurobet and the Chilean contract) during the first six months of fiscal year 2017, the improvement in the debt maturity profile and overall liquidity with the proposed refinancing, while the leverage remains broadly neutral at about 3.9x and there are no material interest cost savings.

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