S&P rates OPAP B

S&P said it assigned a B long-term corporate credit rating to OPAP SA.

The outlook is stable.

The ratings reflect the company’s vulnerable business risk profile due to very high country risk in Greece, where the company generates about 95% of its revenues, the agency said.

S&P also said it believes the company's operating margins and free cash flow generation would likely be affected if the economic situation in Greece were to deteriorate again.

The ratings also consider the company's strong brand, exclusive licenses to distribute its gaming products, positive impact expected from the implementation of the new video lottery terminals and the company's track record of high profit margins, the agency said.

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