Moody's changes Sisal outlook to negative

Moody's Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating of Gaming Invest Sarl, affirmed the B1 rating on the €275 million senior secured notes due September 2017 issued by Sisal Group SpA and changed the outlook to negative from stable.

The change in outlook largely reflects Moody's expectation that recent developments in the fiscal regime for gaming machines in Italy will have a negative effect on Sisal's earnings and profitability, resulting in deteriorating credit metrics and weakly positioning the company in its rating category. The agency said the action also considers the uncertainty associated with the regulatory environment in light of the upcoming reform of the Italian gaming sector.

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