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S&P gives Gamenet bonds B+
Standard & Poor's said it assigned its preliminary B+ corporate credit rating to Gamenet SpA.
The outlook is stable.
At the same time, S&P assigned the proposed €200 million senior secured bond due 2018, to be issued by Gamenet, a preliminary issue rating of B+ and a preliminary recovery rating of 3, indicating the expectation for meaningful (50%-70%) recovery prospects for lenders in the event of a payment default.
S&P said the B+ preliminary corporate credit rating on Gamenet reflects its view that the company has a "weak" business risk profile and an "aggressive" financial risk profile according to its criteria.
The agency added that the preliminary rating on the new notes is in line with its preliminary corporate credit rating on Gamenet.
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