Moody's downgrades Playtech

Moody's Investors Service said it downgraded Playtech plc's corporate family rating to Ba3 from Ba2 and the probability of default rating to Ba3-PD from Ba2-PD. Concurrently Moody's downgraded the ratings on the €530 million of backed senior secured notes due 2023 and €350 million of backed senior secured notes due 2026 to Ba3 from Ba2. The outlook has been changed to negative from stable.

The coronavirus outbreak, deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented, the agency said.

The gaming sector has been one of the sectors most significantly affected by the shock given its sensitivity to retail gaming shop closures and the cancellation of sports events, the agency said.

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