S&P affirms Intralot after renegotiations

Standard & Poor’s said it affirmed the B+ corporate credit rating on Intralot SA.

The agency also said it affirmed the B+ ratings on Intralot’s senior unsecured notes issued by Intralot Capital Luxembourg SA and Intralot Finance Luxembourg SA.

The outlook is negative.

The agency said it removed all of the ratings from CreditWatch with negative implications, where they were placed in February.

The affirmations follow Intralot’s renegotiation of its interest coverage covenants with providers of the €200 million syndicated facility, on which the covenants were very tight, S&P said.

The ratings reflect Intralot’s aggressive financial risk profile and the removal of its negative financial-policy modifier, S&P said.

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