Moody’s gives GVC, facilities Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating and a Ba2-PD probability of default rating to GVC Holdings plc in conjunction with its acquisition of Ladbrokes Coral Group plc (Ba2 stable).

Concurrently, the agency assigned Ba2 ratings to the €300 million senior secured term loan B due 2023, to the new £1.4 billion equivalent senior secured term loan B2 due 2024, to the £400 million senior secured term loan B3 due 2024, and to the new £550 million senior secured revolving credit facility due 2023.

The outlook is stable.

The agency said the corporate family rating reflects the size of the enlarged group, its geographic diversity, positive industry trends underpinning the online betting and gaming sector, the competitive advantage from GVC's proprietary technology platform and customer relationship management system, and the synergies that could be achieved with the merger.

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