S&P affirms Ritzio

Standard & Poor's said it affirmed its B long-term corporate credit rating on Ritzio Entertainment Group Ltd.

The outlook, which was stable prior to the CreditWatch listing, is now negative.

At the same time, the Russia national-scale rating was lowered to ruBBB+ from ruA-, the agency said.

Both ratings were removed from CreditWatch, where they were placed with negative implications on Dec. 28, following the Russian parliament's adoption of a new gaming bill and its enactment into law, the agency noted.

"The affirmation of the corporate credit rating reflects the group's adequate liquidity and conservative financial policy," said S&P credit analyst Anton Geyze.

"The lowering of the Russia national-scale rating reflects the extremely high risk arising from changes in gaming legislation in Russia and limited clarity on how Ritzio plans to expand its activities outside its domestic operations."

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