International Game Technology (IGT) and its subsidiary IGT Lottery have a long-term issuer rating of BB+ with a stable rating outlook and a rating of BBB- to their long-term senior secured debt from Fitch Ratings.
According to Fitch’s published report, the issuer rating reflects IGT’s conservative leverage, which improved meaningfully from pre-pandemic levels primarily because of debt reduction funded by proceeds from the sales of non-core businesses and strong free cash flow generation.
The company claims the strong credit profile “positions IGT favorably” to continue funding slot machine development and shareholder returns and absorb potential future cash demands related to lottery concessions. The rating also considers IGT’s leading share in core gaming end markets, specifically lottery.
Max Chiara, CFO of IGT, said: “We are pleased to have achieved, for the first time from Fitch, an issuer rating of BB+ with a stable outlook and an investment grade senior secured debt rating of BBB-.”
“These ratings recognize our leadership positions across business segments, our history of delivering solid operating and financial results, and our strong credit profile,” he concluded.
Last month, the company confirmed its attendance at the upcoming ICE London tradeshow, set to take place at the ExCel London from February 7-9. In addition to showcasing its latest solutions, the company will also share its global sustainability initiatives with key customers, partners, and gaming industry stakeholders at the ICE Consumer Protection Zone, a dedicated area for the industry-wide promotion of responsible gaming and safer gambling.
Ahead of the event, Yogonet spoke with Mark MacCombie, Senior Vice President of EMEA Gaming at IGT, about what the company has prepared for what is set to be one of the most significant gaming events of the year. “ICE will give us a platform to communicate clearly that international market segments are a top priority for IGT,” the executive said.
Original article: https://www.yogonet.com/international/news/2023/02/06/65979-igt-obtains-firsttime-bb-longterm-issuer-rating-from-fitch-over-improved-debt-position
