Fitch rates Sazka notes BB-

Fitch Ratings said it assigned Sazka Group as’ new $300 million of senior unsecured notes an instrument rating of BB- with a recovery rating of RR4. Fitch also affirmed Sazka’s BB- issuer default rating.

“The BB- IDR of Sazka Group reflects its leading market positions in the Czech, Italian, Austrian and Greek gaming and lottery markets, and a business profile characterized by fairly steady revenue streams from lottery activities,” said Fitch in a press release.

“Fitch estimates under its rating case that structurally senior gross debt at both operating and intermediate holding companies will represent around 2.4x and 2.3x of proportionally consolidated EBITDA by end-2019 and 2020 respectively, before falling to 1.9x by 2021 and 1.3x by 2023. This will not trigger any material structural subordination for Sazka Group's prospective bondholders,” the agency said.

The outlook is stable.

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