S&P: Lottomatica to positive

Standard & Poor's said it affirmed the BBB- corporate credit rating on Lottomatica Group SpA and revised the outlook to positive from stable.

The outlook revision reflects Lottomatica's strong performance in 2011 relative to expectations, S&P said.

Stronger-than-expected EBITDA generation, coupled with some debt repayment, resulted in leverage improving to 2.9x from 3.6x one year ago, the agency said.

Despite economic uncertainty in Italy, S&P said the company should continue generating good levels of discretionary cash flow, some of which will be used to repay debt.

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