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Moody's may cut Scientific Games
Moody's Investors Service said it placed on review for possible downgrade Scientific Games Corp.'s corporate family rating at Ba2, probability of default at Ba2, $187.1 million 6¼% senior subordinated notes due 2012 at Ba3 (LGD 5, 80%), along with Scientific Games International's $540 million senior secured term loan maturing 2013 at Baa3 (LGD 2, 19%), $250 million senior secured revolving credit facility expiring 2013 at Baa3 (LGD 2, 19%), $200 million 7.875% senior subordinated notes due 2016 at Ba3 (LGD 5, 80%) and $350 million 9¼% senior subordinated notes due 2019 at Ba3 (LGD 5, 80%).
The review follows a recent amendment to Scientific Games International's bank facility, which included a relaxation of its financial covenants.
The relaxation of the financial covenants suggests the company's credit metrics will not improve in 2010 or meet longer-term targets needed for the company to maintain its Ba2 corporate family rating, Moody's said.
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