Fitch gives Meuse B+, loan BB

Fitch Ratings said it assigned Meuse Bidco SA a B+ long-term issuer default rating and expected BB/RR2 ratings to Meuse FinCo SA's planned term loan. The issuer also plans to secure an €80 million revolver.

“The IDR reflects Meuse's small and concentrated relative to that of larger peers operating in larger EMEA markets. Rating strengths are its solid position in the core Belgian gaming market and limited execution risks in the group's strategy. We expect Meuse to retain its leadership positions, supported by favorable regulation, and to continue expanding primarily in the Belgian market, leveraging on its brand portfolio strength as the business transitions to online over the long term,” the agency said in a press release.

The outlook is stable, reflecting strong free cash flow generation driven by healthy profitability, and by a modest forecast for capital expenditure intensity and financial expenses. “As a result, we expect Meuse's lease-adjusted debt/EBITDAR to be maintained below 4x from 2023,” Fitch said in a press release.

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