S&P rates GTech notes BBB

Standard & Poor's said it assigned its BBB rating to GTech Holdings Corp.'s proposed $250 million senior unsecured notes, which are likely to be sold in two tranches.

Proceeds from the notes will be used for general corporate purposes, which may include funding future acquisitions.

At the same time, S&P affirmed its BBB corporate credit and senior unsecured debt ratings for GTech. The outlook is stable.

S&P said the ratings reflect the company's position as the world's leading operator of online lottery systems, its well-established relationships with lottery authorities worldwide, the high barriers to entry for competitors, a relatively predictable cash flow base and the company's current good financial profile for the rating.

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