International rating agency Standard & Poor’s (S&P) evaluated gaming technology group Novomatic, which is listed on the Vienna Stock Exchange with bonds, with an upgrade of the rating to “BB+” with a stable outlook in the course of the annual audit of the fiscal year 2022.
During the current rating, the agency analyzed the strengths and risks of Novomatic compared to international competitors and currently rated the group with a “BB+”. S&P justifies the upgrade of the rating from “BB” to “BB+” with Novomatic’s solid operating performance in the fiscal year 2022 and the reduction of debt.
“Against the backdrop of the recovery in the Gaming Technology and Gaming Operations segments due to the lifting of COVID restrictions in all markets, several acquisitions as part of the international expansion strategy contributed to profit growth in FY 2022,” noted Novomatic. Foremost among these was the acquisition of a majority stake in the Italian HBG Group.
Johannes Gratzl, Novomatic’s Executive Board Member, said: “The improvement in our rating once again confirms not only the success of our dual strategy as a producer and an operator but also our growth and investment strategy in our core markets. This puts NOVOMATIC among the top credit ratings in Europe and puts it in an excellent 2nd place in global comparison, ahead of other gaming technology groups.”
Johannes Gratzl, Novomatic's Executive Board Member
NOVOMATIC also received significant awards and top ratings in the context of non-financial reporting for its great commitment to sustainability, the company notes, such as in the Sustainalytics ESG Risk Rating. Additionally, the company was recently voted “Best Employer in Lower Austria” by the MARKET Institute.
With its own training programs, such as a “Corporate Coding Academy” for future developers or a program for the casino managers of tomorrow, the company, which was awarded the title of “Austrian Leading company”, notes it has already received “numerous” other employer awards, such as the “berufundfamilie” seal of approval from the Ministry of Family Affairs for family-friendly employers or that for “Betriebliche Gesundheitsförderung”.
Original article: https://www.yogonet.com/international/news/2023/06/21/67608-novomatic-rating-upped-to-bb-by-standard-poor-39s-due-to-company-39s-solid-performance-debt-reduction
