S&P assigns Gamma Bidco notes CCC+

S&P said it assigned a CCC+ rating to Gamma Bidco SpA’s €400 million senior secured payment-in-kind raised through Gamma Bondco Sarl. The issuer is outside Gamma Bidco’s senior secured restricted group and are structurally subordinated to Gamma Bidco’s notes.

The proceeds will be used to pay shareholders a dividend.

“This transaction illustrates our view of the group's aggressive financial policy, coming only shortly after the leveraged buyout of Lottomatica earlier in 2021 and thus decreasing financial flexibility,” the agency said in a press release.

The outlook is stable.

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