Fitch revises Voodoo view to negative

Fitch Ratings said it revised the outlook on Stan Holding SAS' (Voodoo) to negative from stable, while affirming its issuer rating at BB. Fitch also affirmed Voodoo's €220 million senior secured term loan at BB+/RR2.

“The negative outlook reflects an underperformance in Voodoo's core hypercasual segment, slower-than-expected organic casual genre growth, challenges in expansion to China and reduced revenue visibility following the tightening of Apple's privacy policy,” the agency said in a press release.

Fitch said it sees funds from operations gross leverage to peak at 4.8x in 2021 and decline to 3.3x in 2022, though it will still be above the downgrade threshold.

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