International Game Technology PLC (IGT) announced that Fitch Ratings Inc. (Fitch) has assigned each of IGT and its subsidiary, IGT Lottery Holdings B.V., a long-term issuer rating of BB+ with a stable rating outlook and a rating of BBB- to their long-term senior secured debt.
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 strong credit profile positions IGT favourably 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.
“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-,” said Max Chiara, CFO of IGT. “These ratings recognize our leadership positions across business segments, our history of delivering solid operating and financial results, and our strong credit profile.”
