Moody's ups International Game

Moody's Investors Service upgraded the senior unsecured long-term ratings of International Game Technology to Baa2 and assigned a Baa2 rating to its proposed new $800 million unsecured revolving credit facility and $200 million unsecured term loan.

The outlook is stable.

Moody's said the upgrade reflects the improvement in the company's credit measures, a positive demand outlook for its products, divestitures of non-core assets that have streamlined operations, acquisitions that have improved the company's position in gaming systems and Moody's expectation that International Game has the ability and management commitment to maintain its improved financial profile.

Pro forma credit statistics will improve debt to EBITDA to 0.9x from 1.23x, retained cash flow to debt to 55% from 35% and EBIT to interest expense to 14x from 7x.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.