S&P slices William Hill

S&P said it lowered its ratings on William Hill Ltd. and its bonds to B from BB-.

Caesars Entertainment Inc. closed its acquisition of William Hill plc and delisted its shares from the London Stock Exchange.

“Our rating on William Hill is capped by the rating on its parent, Caesars. Post-acquisition, Caesars separated the William Hill U.S. assets from the rest of the operating group, with the remaining assets–effectively the U.K. and European land-based and online businesses–referred to as William Hill. William Hill's existing U.S. assets were of high strategic value to Caesars and were the main strategic rationale behind the acquisition,” S&P said in a press release.

The outlook is stable, which reflects Caesars’ outlook, S&P said.

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