Moody's rates William Hill notes Ba1

Moody's Investors Service said it assigned a provisional Ba1 long-term rating with a loss given default assessment of 4 (LGD4, 50%) to the proposed issuance of £375 million senior unsecured notes due 2020 by William Hill plc, which will be guaranteed by its wholly owned subsidiary William Hill Organization Ltd.

Concurrently, Moody's affirmed William Hill's Ba1 corporate family rating and probability of default rating and the Ba1 long-term senior unsecured rating of its £300 million of guaranteed notes due 2016. The outlook is stable.

The Ba1 corporate family rating primarily reflects the mature nature of William Hill's premises-based retail business and that the company's growth in online and mobile betting services will continue to rely heavily on marketing and technological spend, Moody's said. However, more positively, the rating also reflects the company's leadership position in the U.K. retail betting industry.

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