S&P upgrades Gtech

Standard & Poor's said it raised the corporate credit rating on Gtech SpA to BBB from BBB- and raised the short-term rating to A-2 from A-3.

The outlook is stable

The agency also said it raised the ratings on the company's senior unsecured debt to BBB from BBB-, along with the rating on its subordinated debt to BB+ from BB.

The upgrade reflects an expectation that over the long run, credit measures will remain in line with an intermediate financial risk profile and adjusted leverage will remain at less than 3x, S&P said.

The ratings reflect the company's satisfactory business risk profile and intermediate financial risk profile, the agency said.

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