Fitch assigns Light & Wonder notes BB

Fitch Ratings said it assigned BB/RR4 rating to Light & Wonder, Inc.'s (LNW) planned eight-year senior unsecured notes.

“LNW's rating reflects its conservative leverage profile and solid expected FCF margin for a gaming supplier and mobile developer. Fitch believes LNW's credit profile remains consistent with a rating BB, due to robust FCF generation, strong liquidity, and still conservative leverage. Fitch forecasts LNW's gross leverage will decline below 4x by 2023 through EBITDA growth,” the agency said in a press release.

LNW will use the proceeds to refinance its 8 5/8% senior unsecured notes due 2025.

The outlook is stable.

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