Moody's rates GTech notes Baa1

Moody's Investors Service said it assigned Baa1 ratings to GTech Holdings Corp.'s proposed $125 million senior unsecured guaranteed notes due 2009 and $125 million senior unsecured guaranteed notes due 2014 and affirmed the company's existing Baa1 rating on its 4¾% senior unsecured guaranteed notes due 2010 and $175 million 1.75% senior convertible guaranteed notes due 2021. The outlook remains stable.

Proceeds from the offering will be used for general corporate purposes, including future acquisitions.

Moody's said the ratings reflect its leading market share as an operator and supplier of online lottery systems, its stable recurring revenue stream from long-term contracts worldwide, its ability to win profitable new contracts and extend existing contracts and its strong margins.

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