S&P rates Olympic Entertainment notes B

S&P said it assigned its B issuer credit rating to Estonia-based Odyssey Europe Holdco Sarl (Olympic Entertainment Group AS). The outlook is stable.

At the same time, S&P assigned a B issue ratings to the €200 million senior secured notes.

“Our ratings on Olympic reflect the company's higher exposure to high-impact adverse changes (for example, economic, political, regulatory, or sector trends) given that its revenues and EBITDA are relatively small compared with peers, it has limited product diversification, and is owned by a financial sponsor,” S&P said in a news release.

“The business constraints are offset by the company's leading positions in its core markets (the Baltics), which represent around 90% of total EBITDA, significant barriers to entry given the relatively high initial investment for casino openings, and an operation which is well-diversified geographically.”

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