S&P downgrades Intralot

S&P said it lowered to B- from B its long-term issuer credit rating on Intralot SA.

The outlook is negative.

At the same time, the agency lowered to B- the issue ratings on Intralot's senior unsecured notes, issued by subsidiary Intralot Capital Luxembourg SA.

“The downgrade follows Intralot's weaker-than-anticipated operating results in the first half of 2018 and our expectation for a further and more meaningful weakening in the second half of 2018, which could continue into 2019,” S&P said in a news release.

“Specifically, we expect a further increase in proportionate adjusted debt to EBITDA to 8.5x-9.0x by year-end 2018, and we expect Intralot would only start reducing leverage in 2020.”

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