S&P rates Take-Two debt securities BBB

S&P said it assigned its BBB issue-level rating to Take-Two Interactive Software Inc.'s proposed senior unsecured debt securities.

The company plans to use the proceeds to repay debt and for general corporate purposes.

“The BBB issuer credit rating on Take-Two reflects our expectation that the company will reduce leverage below 2x, our threshold for the rating, over the next 18-24 months. S&P Global Ratings-adjusted leverage is 2.6x as of Dec. 31, 2022, due to increased game development costs as Take Two ramps up new game development,” S&P said in a news release.

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