Moody's changes Intralot view to positive

Moody's Ratings said it affirmed Intralot SA's Caa1 corporate family rating and its Caa1-PD probability of default rating and changed the outlook to positive from stable.

“The rating affirmation and outlook change to positive reflect the company’s profitability improvements and positive free cash flow, which, combined with the equity injection in October 2023, drove a significant leverage reduction,” said Lola Tyl, a Moody's analyst and lead analyst for Intralot, in a news release.

“However, there is still refinancing risk given the company’s debt maturities coming due in 2025 and 2026. The outlook change to positive reflects our expectation that the rating is likely to be upgraded once the current refinancing risk is addressed.”

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