Moody's: International Game view negative

Moody's Investors Service said it changed International Game Technology's outlook to negative from stable and affirmed its Baa2 senior unsecured ratings.

The change reflects lower gaming play levels at the company's slot machines leased to casino operators and reduced product sales that caused consolidated earnings to drop in the company's first quarter ended Dec. 31, according to the agency.

The Baa2 senior unsecured rating reflects significant market share in casino gaming products, solid profitability and large scale that enables the company to spend more on research and development relative to peers, the agency said.

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