S&P cuts International Game view to stable

Standard & Poor's said it revised its outlook on International Game Technology to stable from positive and affirmed its ratings on the company, including its BBB corporate credit and senior unsecured ratings.

S&P said the outlook revision follows weak year-over-year performance for the second quarter ended March 31, 2005. EBITDA during this period decreased 17% primarily due to a decline in domestic product sales caused by a changing operating environment.

The ratings on International Game reflect its strong leadership position as a manufacturer and distributor of slot machines and proprietary gaming systems and solid credit measures, S&P said. These factors are somewhat tempered by the potential for quarter-to-quarter fluctuations in machine sales, which constitutes roughly 50% of consolidated revenues.

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