S&P rates Olympic Entertainment notes B

S&P said it assigned a preliminary B rating to Odyssey Europe Holdco Sarl, holding company of Olympic Entertainment Group AS).

The outlook is stable.

S&P also said it assigned preliminary B ratings to the proposed €200 million senior secured notes.

The preliminary ratings on Olympic reflect the company's higher exposure to high-impact adverse changes given its relatively small scale of revenues and EBITDA in comparison to peers, limited product diversification and financial-sponsor ownership, the agency said.

The business constraints are offset by the company's leading positions in its core markets, which represent about 90% of total EBITDA, S&P said.

Olympic currently holds the No. 1 position in Estonia and Lithuania and No. 2 position in Latvia by land-based gross gaming revenue market share and has strong brand recognition in all three countries, the agency said.

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