Moody's eyes Intralot for upgrade

Moody's Investors Service said it placed the ratings of Intralot SA under review for upgrade, including the company's Ca corporate family rating, the Ca-PD probability of default and the Ca instrument rating of its guaranteed senior unsecured notes, issued by Intralot Capital Luxembourg SA.

The agency also appended a limited default designation to Intralot's PDR to Ca-PD/LD to reflect a limited default resulting from the completion of the exchange offers related to the €250 million guaranteed senior unsecured notes due 2021 and the €500 million guaranteed senior unsecured notes due 2024. Moody’s will remove the /LD after three business days.

“The review will focus on assessing (1) the sustainability of the new capital structure following the completion of the debt restructuring (2) the improvement in liquidity resulting from the maturity extension and reduced cash interest, which has resulted because of a lower debt quantum and the PIK interest on the $242 million notes, as well as (3) the trajectory of Intralot's earnings on a run-rate basis,” Moody’s said in a press release.

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