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S&P affirms William Hill
S&P said it affirmed its BB+ long-term issuer credit rating on William Hill plc and removed the rating from CreditWatch with negative implications where it was placed on Nov. 3, 2017.
The outlook is negative.
At the same time, the agency affirmed the BB+ issue ratings on the £375 million unsecured notes due 2020 and £350 million senior unsecured notes maturing in 2023. The recovery rating is unchanged at 3, which indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a default.
The U.K. government announced its decision to reduce the maximum stake on fixed-odds betting terminals to £2 from £100, which is expected to have a considerable effect on land-based gaming operators' revenues, including William Hill, S&P explained.
“We consider that these latest regulatory developments have reduced visibility on William Hill's future earnings, as well as on the overall competitive landscape of the U.K. gaming industry,” the agency said in a news release.
“Nevertheless, we understand that any change will only come to effect starting late 2019 or 2020.”
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