Fitch downgrades Intralot

Fitch Ratings said it downgraded Intralot SA's long-term issuer default rating to B- from B, along with the senior unsecured rating on the bonds issued by Intralot Capital Luxembourg SA to B-with recovery rating of RR4 from B with recovery rating of RR4.

The agency also said it placed the ratings on Rating Watch negative.

The downgrades reflect an uncertainty about the group's ability to significantly de-leverage, which is no longer compatible with a B rating, Fitch said.

The downgrades also consider the mounting competitive pressures in some markets, putting the renewal of key contracts at risk, the agency said.

This results in higher leverage than previously expected over the next four years, Fitch said.

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