Fitch affirms Rank

Fitch Ratings said it affirmed Rank's senior unsecured rating at BB+ and its short-term rating at B.

The outlook remains negative.

Rank derives the majority of its operating profit from U.K. gaming operations that could suffer from additional competitive pressure as a result of the U.K. gaming deregulation expected in 2005. The deregulation would allow the creation of eight Las Vegas-style "regional casinos" with up to 1,250 unlimited jackpot slot machines in each. Only those regional casinos could operate slot machines offering a payout exceeding £1 million.

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