S&P changes Gamesys view to positive

S&P said it revised the outlook on Gamesys Group plc to positive from stable and affirmed the B+ ratings on Gamesys and its senior secured revolver and term loan.

“Meaningful free operating cash flow (FOCF) and voluntary debt repayment have resulted in Gamesys’ credit metrics improving to adjusted leverage of 3.7x and FOCF to debt of about 17% for the 12 months ended June 30, 2020,” S&P said in a press release.

S&P said it forecasts Gamesys’ adjusted credit metrics will improve in the next 12 months.

“The positive outlook reflects that we could raise the rating in the next 12 months if, in addition to sustaining the run-rate EBITDA of close to £200 million, Gamesys’ credit metrics improved such that adjusted leverage reduced sustainably below 3x and FOCF to debt comfortably above 15%, with sufficient headroom to absorb the effects of potential regulatory changes,” the agency said.

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