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S&P Credit Research1993 word report
published Apr 19, 2007
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S&P Credit Research
| Abstract: | Diversified portfolio of lottery operations and licenses, particularly in Italy and the U.S.; Significant barriers to entry; Market-leading, real-time online lottery technology; Good earnings visibility due to long-term contracts and high customer renewal rates; Continued growth in instant lottery cards, which helps to offset lower growth "Lotto" sales; and Strong free cash flow generation, driven by high operating margins and modest working capital needs. Relatively low-growth lottery industry; Capital intensity inherent in the business; Regulatory risk, i.e. the risk of nonrenewal of the main lottery licenses; Integration risk associated with the acquisition of GTECH; Limited business diversity, with the lower growth Italian 'Lotto' operations representing a significant portion of business; and Somewhat weak credit ratios for the rating, which leave
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| Brief Excerpt: | RESEARCH Ratings Definitions Lottomatica SpA Publication date: 19-Apr-2007 Major Rating Factors Current Ratings >> Corporate Credit Rating ###-/Stable/A-3 Ratings Detail >> Strengths: Diversified portfolio of lottery operations and...
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| Report Type: | Full Report
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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: | Automotive, Consumer Products, Corporations, Global Issuers, Hotel & Gaming, Media & Entertainment, Telecommunications & Cable
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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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- Lottomatica's New Euro-Denominated Senior Unsecured Notes Rated 'BBB-' $100.00
Italy-based gaming services provider Lottomatica plans to issue new euro-denominated senior unsecured notes. We are assigning our 'BBB-' issue-level rating to the proposed notes; our 'BBB-' corporate credit rating on the company remains unchanged. ...
- Research Update: Lottomatica SpA's New Euro-Denominated Senior Unsecured Notes Rated 'BBB-' $175.00
Italy-based gaming services provider Lottomatica plans to issue new euro-denominated senior unsecured notes. We are assigning our 'BBB-' issue-level rating to the proposed notes; our 'BBB-' corporate credit rating on the company remains unchanged. ...
- Bulletin: Lottomatica's Proposed Capital Raise Does Not Affect Rating $100.00
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 ...
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Diversified portfolio of lottery operations and licenses, particularly in Italy and the U.S. Significant barriers to entry Market-leading, real-time online lottery technology Good earnings visibility because of long-term contracts and high ...
- Summary: Lottomatica SpA $175.00
The 'BBB-' rating reflects Lottomatica's position as one of the world's largest lottery operators, its well-established relationships with lottery authorities worldwide, the high barriers to entry for competitors, and a relatively predictable ...
- Lottomatica SpA $400.00
Diversified portfolio of lottery operations and licenses, particularly in Italy and the U.S.; Significant barriers to entry; Market-leading, real-time online lottery technology; Good earnings visibility because of long-term contracts and high ...
- Summary: Lottomatica SpA $175.00
The 'BBB-' rating reflects Lottomatica's position as one of the world's largest lottery operators, its well-established relationships with lottery authorities worldwide, the high barriers to entry for competitors, and a relatively predictable ...
- Lottomatica SpA $400.00
Diversified portfolio of lottery operations and licenses, particularly in Italy and the U.S.; Significant barriers to entry; Market-leading, real-time online lottery technology; Good earnings visibility because of long-term contracts and high ...
