Fitch rates Voodoo term loan BB+

Fitch Ratings said it assigned Stan Holding SAS (Voodoo) a first-time expected long-term issuer default rating of BB with a stable outlook.

Fitch also assigned an expected rating of BB+/RR2 to Voodoo's €220 million senior secured term loan.

Voodoo is the largest global publisher of mobile hyper-casual games with around 1 billion of downloads in Apple's App store and Google Play in 1H20 and 4.1 billion cumulative downloads to June 2020.

“The ratings of Voodoo reflect its strong position in its market niche, a well-established business model, robust free cash flow (FCF) generation, modest leverage, which are balanced with its small scale and execution risks,” Fitch said in a news release.

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