S&P changes AP Gaming view

S&P said it revised its outlook on AP Gaming Holdings LLC to positive from negative and affirmed all of the ratings on the company, including the B corporate credit rating.

AP Gaming’s parent, PlayAGS Inc., completed an initial public offering and used net proceeds to repay debt, resulting in about a 1.5x reduction in the agency’s adjusted leverage measure.

S&P said the outlook revision reflects meaningful improvement in AP Gaming's leverage and coverage following the use of IPO proceeds for debt repayment, coupled with an expectation that the company will generate sufficient cash flow in 2018 to internally fund capital expenditures, including growth-related capital expenditures.

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