S&P downgrades Novomatic

S&P said it lowered its long- and short-term corporate credit ratings on Novomatic AG to BBB-/A-3 from BBB/A-2.

The outlook is stable.

At the same time, the agency lowered the rating on Novomatic's outstanding senior unsecured notes to BBB- from BBB.

S&P said the downgrade reflects Novomatic's weaker earnings and profitability reported in first-half 2017, resulting in a forecast of an S&P-adjusted EBITDA margin of slightly below 25% in 2017 and 2018, compared with 25%-30% in the previous base case.

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