Fitch could cut Ladbrokes, lift Gala Coral

Fitch Ratings said it placed Ladbrokes plc's BB issuer default rating on Rating Watch Negative and Gala Coral Group Ltd.’s B issuer default rating on Rating Watch Positive.

The actions follow the announcement made by both companies that they have agreed to merge by way of exchange of shares.

The enlarged group will be renamed Ladbrokes Coral plc.

The transaction is subject to various conditions precedent, including shareholder approval and anti-trust clearance from the Competition and Markets Authority, and is not expected to conclude before mid-2016.

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