Fitch assigns Aristocrat, loans BBB-

Fitch Ratings said it assigned long-term Issuer default ratings of BBB- to Aristocrat Leisure Ltd., parent and guarantor, Aristocrat International Pty Ltd., borrower, and co-borrowers Aristocrat Technologies Australia Pty Ltd., Aristocrat Technologies, Inc. and Video Gaming Technologies, Inc., collectively, ALL. Fitch gave BBB- ratings to ALL's senior secured revolver and senior secured term loans.

“The rating reflects ALL's strong business profile as a global gaming supplier, conservative financial policy and visible de-levering path pro forma for the announced Playtech plc (herein: Playtech) acquisition. Fitch forecasts ALL's gross leverage to peak at 3x pro forma for the acquisition and subsequently decline to 2.5x by fiscal year-end 2023 (Sept. 30). The Playtech acquisition provides ALL with an immediate foothold in the online real money gaming (RMG) industry with established, profitable B2B and B2C businesses, which Fitch views positively,” the agency said in a press release.

The outlook is stable.

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