S&P boosts Novomatic

S&P said it raised its ratings on Novomatic AG and its senior unsecured notes to BB+ from BB.

“Novomatic demonstrated sound operating performance in 2022, exceeding pre-pandemic levels, and its credit metrics have significantly improved. Revenue, at €2.86 billion, increased by 55% compared with 2021 and 10% compared with 2019. Meanwhile, EBITDA increased to €746 million, 30% up on last year and 12% higher than in 2019,” the agency said in a statement.

S&P said it projects Novomatic’s adjusted leverage to decline toward 2x in 2023 with stable cash flow that is at least stable.

The outlook is stable.

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