Moody's rates International Game notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to International Game Technology's proposed $300 million 10-year senior unsecured notes. The agency also said it affirmed its senior unsecured credit facility at Baa2, $850 million senior unsecured convertible notes at Baa2, $500 million senior unsecured notes due 2019 at Baa2 and senior unsecured debt shelf at provisional Baa2.

The outlook is negative.

Proceeds from the new note offering will be used to reduce outstanding debt under the company's revolving credit facility, the agency said.

The ratings reflect its solid market share in casino gaming products, good profitability, new product line-up and extensive portfolio of trademarks and intellectual property rights that support the continued roll-out of new games and systems, Moody's said.

Other factors considered are risks associated with player acceptance of the company's existing and new games, maintenance of technological leadership, dependence on key development personnel and the regulated nature of domestic and international gaming markets, the agency said.

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