S&P puts Intralot on negative watch

Standard & Poor's said it placed its B+ rating on Intralot SA on CreditWatch with negative implications.

At the same time, the agency placed its B+ issue ratings on Intralot's senior unsecured notes on CreditWatch with negative implications.

S&P said the CreditWatch placement reflects its opinion that Intralot's earnings prospects have weakened and could negatively affect its credit metrics over the medium-term.

The CreditWatch also reflects the agency’s opinion that Intralot's liquidity might come under pressure if the tight covenant headroom on the €200 million syndicated facility results in Intralot having to repay the facility, thereby increasing the company's dependence on less-liquid funds from other sources, such as dividends from joint ventures.

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