Report title: Lottomatica SpA
from S&P Credit Research
2112 word report published May 15, 2008

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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 because of long-term contracts and high customer renewal rates; Continued moderate growth in instant lottery tickets, which helps to offset flat-to-slightly declining Italian Lotto sales; and Strong free cash flow, fueled by high operating margins and modest working capital needs. Significant reliance on relatively mature and capital intensive online lottery business; Limited business diversity; Regulatory risk, i.e. the risk of nonrenewal of the main lottery licenses; and Somewhat weak credit ratios for the rating, which leave little room for operational underachievement and/or material acquisitions. The rating on Italian lottery operator Lottomatica SpA reflects the company's

Brief Excerpt: RESEARCH Ratings Definitions Lottomatica SpA Publication date: 15-May-2008 Primary Credit Analyst: Ben Bubeck, CFA, New York (1) 212-438-2176; ben_bubeck@standardandpoors.com Secondary Credit Analyst: Melissa Long, New York (1) 212-438-3886;...

Report Type: Full Report
Ticker: LTO@IM
Issuer: Lottomatica SpA
GICS: Casinos & Gaming (25301010)
Sector: Automotive, Consumer Products, Corporations, Global Issuers, Hotel & Gaming, Media & Entertainment, Telecommunications & Cable
Country: Italy
Region: Europe, Middle East, Africa
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Also from S&P Credit Research
  • 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. ... 
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    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. ... 
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    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 ... 
  • Lottomatica SpA  $400.00
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  • 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 ... 
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Price: $400.00



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