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Moody's rates William Hill notes Ba1
Moody's Investors Service said it assigned a Ba1 rating to William Hill plc's proposed new £350 million senior unsecured notes due 2026.
The proceeds will be used to tender its £375 million notes due June 2020.
The company's Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 rating on existing notes are unchanged.
The outlook remains negative.
The ratings are constrained by the adverse regulatory change, specifically the Triennial Review outcome that will reduce maximum stakes on B2 machines and substantially reduce revenue from gaming machines, Moody's said.
The agency said it expects a temporary spike in leverage, then reducing to about 3x in 2020, the agency said.
The ratings also reflect the company's limited geographic diversity and mature land-based retail business with limited growth potential and volatile sports results, Moody's said.
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