Moody's upgrades Intralot

Moody's Investors Service said it upgraded Intralot SA's corporate family rating to Caa1 from Ca and its probability of default rating to Caa1-PD from Ca-PD.

Concurrently, Moody's upgraded the guaranteed 2024 senior unsecured notes issued by Intralot Capital Luxembourg SA to Caa2 from Ca. The agrency also withdrew the instrument rating of the 2021 senior unsecured notes issued by Intralot Capital Luxembourg following the completion of the exchange offer into the 2025 senior secured PIK toggle notes issued by Intralot Inc.

The agency also changed the outlook to stable from under review for Intralot SA and Intralot Capital Luxembourg.

“The rating action reflects the restructuring of the capital structure, which reduces debt by €165 million and interest by around €9 million. The exchange offer for the 2021 notes removes the short-term refinancing risk, while the restructuring also increases the company's options to refinance or repay the next debt maturity in 2024,” Moody’s said in a press release.

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