MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has
assigned a 'BBB-' rating to Scientific Games International Inc.'s proposed $850
million senior secured credit facilities.
S&P also affirmed its ratings on parent company Scientific Games Corp.,
including the 'BB' corporate credit rating. The outlook on the lottery products
maker is stable, the rating agency said.
Proceeds from the proposed credit facilities, which will consist of a draw
of about $23 million on a $250 million revolving credit facility and a $600
million term loan, will be used to refinance the existing credit facilities.
S&P assigned the loans a recovery rating of '1', indicating that lenders can
expect very high recovery in the event of a payment default.
The rating on Scientific Games reflects the highly competitive market
conditions in the lottery and pari-mutuel industries, the mature nature and
capital intensity of the online lottery industry, and the company's acquisitive
growth strategy, S&P said.
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