S&P rates Cirsa Gaming notes B+

S&P said it assigned a B+ long-term issuer credit rating to LHMC Bidco SLU, the newly created parent company of Cirsa Gaming Corp.

The outlook is stable.

The agency also said it assigned a B+ rating and 3 recovery rating to the €663 million fixed-rate senior secured notes, €425 floating-rate senior secured notes and $550 million fixed-rate senior secured notes, all due 2023, issued by LHMC Finco Sarl.

This reflects 50% to 70% expected default recovery.

S&P said it assigned the ratings to LHMC Bidco following Blackstone's acquisition of Cirsa Gaming in July.

Cirsa's business profile remains supported by its leading positions in most of its operating countries and the high barriers to entry that protect Cirsa from competition, the agency said.

Despite the company's still considerable exposure to the more unstable business environments in Latin America, it has reduced this exposure by carving out the Argentinean business that represented nearly 20% of total group EBITDA in 2017, S&P said.

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