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S&P rates Scientific Games loan BBB-
Standard & Poor's said it assigned a BBB- issue-level rating with a recovery rating of 1 to Scientific Games International Inc.'s $78 million incremental senior secured term loan. The rating is two notches higher than the BB corporate credit rating on parent company Scientific Games Corp.
The outlook is stable.
The company plans to use proceeds for general corporate and other working capital purposes, which may include the payment of a portion of the upfront fees associated with the new Italian instant ticket lottery concession and/or repayment of existing debt.
The agency said the BB rating on Scientific Games incorporates S&P's expectation that the company's EBITDA (excluding income from joint ventures and after factoring in the agency's estimate of the impact of the potential sale of the company's racing division) will be relatively flat in 2010. Under these performance assumptions, S&P estimates that operating lease- and pension-adjusted total debt to EBITDA will track around 5 times in 2010.
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