S&P rates International Game convertibles BBB

Standard & Poor's said it assigned its BBB rating to International Game Technology's proposed $825 million senior unsecured convertible notes maturing in December 2036.

The company expects to grant the initial purchasers a 13-day option to buy up to $75 million principal amount of additional debentures solely to cover over-allotments, the agency said.

At the same time, S&P said it affirmed its BBB corporate credit rating.

The outlook is stable.

According to the agency, 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.

These factors are somewhat tempered by the potential for quarter-to-quarter fluctuations in its product sales division, which constitutes roughly 50% of consolidated revenues, the agency said.

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