Moody's rates International Game convertibles Baa2

Moody's Investors Service said it assigned a Baa2 rating to International Game Technology's proposed $500 million unsecured convertible notes due 2014.

The company's existing ratings and negative outlook were affirmed, the agency said, adding that the net proceeds from the notes will be used to repay outstanding amounts under the company's revolving credit agreement.

The affirmation of International Game's ratings reflect its significant market share in casino gaming products, solid profitability, and an extensive portfolio of trademarks and intellectual property rights that support continued roll-out of new games and systems, Moody's said.

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