Moody's assigns Ba3 to Lottomatica notes

Moody's Investors Service said it assigned a Ba3 rating to Lottomatica SpA's planned €1.115 million of senior secured notes with a minimum tranche size of €300 million of senior secured notes and €300 million of senior secured floating-rate notes. Lottomatica is a subsidiary of Lottomatica Group SpA and is the holding company of Lottomatica's operating subsidiaries.

Lottomatica SpA's senior secured notes are rated Ba3, in line with the corporate family rating, to reflect that the senior secured notes represent nearly all the group's reported debt, and there is no material financial debt at the subsidiaries' level, Moody’s said.

The proposed €1.115 million senior secured notes will be used to redeem the notes due 2025, including the €340 million of senior secured notes, the €300 million of senior secured floating-rate notes (of which €100 million has already been redeemed), and the €575 million of senior secured notes issued by Lottomatica SpA.

The outlook is stable.

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