Moody’s might lift Snaitech

Moody’s Investors Service said it placed the ratings of Snaitech SpA on review for upgrade, including its B2 corporate family rating, B2-PD probability of default rating and B2 rating on its €570 million senior secured notes due 2021.

The agency said the review follows the announcement that Playtech plc proposes to acquire about 70.6% of Snaitech's issued share capital with the agreement of some Snaitech shareholders.

“The proposed acquisition benefits Snaitech's business profile because it would create a larger, more geographically diverse, vertically integrated gaming enterprise that combines two market leading players in the B2B/B2C space in the Italian gaming market, Europe's largest,” Moody’s said in a news release.

“Given Playtech's track record of successfully developing the online segment through structured agreements and Snaitech's complementary technology and local experience, the underdeveloped online segment in Italy offers significant growth prospects for the combined group.”

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