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S&P Credit Research1224 word report
published Oct 20, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Oct. 20, 2009--Standard&Poor's Ratings Services said today that Lottomatica SpA's (BBB-/Stable/A-3) announcement of a proposed share capital increase of up to €350 million does not affect the rating or outlook on the company. The share capital increase will support a three-year mandatory exchangeable bond to be issued by UBI Banca International SA on a fiduciary basis. The bonds will be exchanged with Lottomatica shares upon maturity in 2012. The issue price of the shares will be determined on the basis of a premium on the average Lottomatica share price in the period immediately following the deal announcement. These bonds qualify for "high" equity content under our criteria, given the short time horizon to
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Lottomatica's Proposed Capital Raise Does Not Affect Rating Publication date: 20-Oct-2009 Primary Credit Analyst: Melissa Long, New York (1) 212-438-3886; melissa_long@standardandpoors.com Secondary...
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| Report Type: | Bulletin
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| Ticker: | LTO@IM
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| Issuer: | Lottomatica SpA
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| GICS: | Casinos & Gaming (25301010)
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| Sector: | Global Issuers
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| Country: | Italy
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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