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S&P Credit Research2246 word report
published Jul 02, 2009
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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 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 Credit measures are in line with the rating. 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 Limited cash flow available for debt repayment after accounting for capital expenditures, dividends, and modest acquisition activity. The 'BBB-' rating reflects Lottomatica's position as one of the world's largest lottery operators, its well-established relationships
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| Brief Excerpt: | RESEARCH Ratings Definitions Lottomatica SpA Publication date: 02-Jul-2009 Primary Credit Analyst: Melissa Long, New York (1) 212-438-3886; melissa_long@standardandpoors.com Secondary Credit Analyst: Ben Bubeck, CFA, New York (1)...
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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: | 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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