S&P gives Gamenet bond B+

Standard & Poor's said it assigned its B+ corporate credit rating to Gamenet SpA.

The outlook is stable.

At the same time, the agency assigned Gamenet's €200 million senior secured bond due 2018 an issue rating of B+, and a recovery rating of 3, indicating the expectation of meaningful (50%-70%) recovery prospects for lenders in the event of a payment default.

S&P said the B+ 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 criteria.

The recovery and issue ratings on the bond are underpinned by the agency's evaluation of Gamenet as a going concern and the company's fairly simple capital structure

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