S&P rates Novomatic CCR, notes, loans BBB

Standard & Poor's said it assigned its BBB/A-2 long- and short-term corporate credit ratings to Novomatic AG.

The outlook is stable.

At the same time, the agency assigned a BBB long-term issue rating to the company's €600 million senior unsecured notes, maturing in 2017, 2019, and 2021.

It also assigned a BBB rating to the €440 million backup credit facilities, maturing in 2018 and 2020.

S&P said the ratings reflect its assessment of Novomatic’s "satisfactory" business risk and "minimal" financial risk profiles. They also incorporate the agency’s expectation of a substantial rise in leverage resulting from future major acquisitions over the next 24 months.

S&P has not factored in such acquisitions, such as the targeted acquisition of a stake in Casinos Austria, into its base-case assumptions and leverage ratios at this stage.

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