Fitch trims Intralot

Fitch Ratings said it downgraded Intralot SA's long-term issuer default rating to CCC from CCC+ and the senior unsecured rating on the 2024 notes issued by Intralot Capital Luxembourg SA to CCC/RR4 from CCC+/RR4.

The agency also removed the ratings from under criteria observation, where they were placed on Dec. 2. “The downgrade is not linked to the application of the new parent subsidiary linkage (PSL) criteria published on Dec, 1, 2021,” Fitch said in a press release.

“The downgrade reflects a deterioration in Intralot's stand-alone credit profile (SCP, deconsolidating the U.S. subsidiary and only adding back cash flows allowed to be up-streamed to Intralot under current documentation), stemming from a forecast material decrease in revenues and EBITDA. This decrease is related to the non-renewal of the Maltese lottery license, which was not previously assumed under the rating case,” Fitch explained.

© 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.