Moody's gives Intralot notes B1

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Intralot SA.

Upon confirmation of the capital structure and assignment of definitive ratings, Moody's would expect to assign a probability of default rating of B1-PD.

Concurrently, the agency assigned a provisional B1 (LGD-50%) rating to the proposed €300 million senior unsecured notes to be issued by Intralot Finance Luxemburg SA.

The outlook is stable.

Moody's said the provisional B1 ratings primarily reflect: (a) Intralot's leading market position as a global supplier of integrated gaming systems and services; (b) Intralot's globally diversified activities with presence in 36 countries, although with some dependency on some individual countries; (c) a good visibility and predictability of future revenue generation given a large number of long-term contracts; (d) an experienced management team with a proven track record of winning and retaining new contracts; (e) growth potential from market liberalization especially in Asia; and (f) a moderate financial leverage.

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