S&P: Ladbrokes unaffected

Standard & Poor's said its ratings and outlook on Ladbrokes plc (BB/stable) are unchanged following the company's announcement that it is considering a possible acquisition of online gaming company 888 Holdings plc (not rated).

S&P said it expects any acquisition to be funded in a manner consistent with Ladbrokes' stated financial policies, specifically unadjusted net debt to EBITDA to remain on a sustainable basis no higher than 3.50x-3.75x, which is in line with the ratings.

Given the evolving nature of the online gaming business, the agency said it will closely monitor developments in regulatory and litigation risks and marketing spend should this transaction proceed.

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