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S&P Credit Research2770 word report
published Sep 30, 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 Credit measures are in line with the rating Significant reliance on relatively mature and capital intensive online lottery business Limited business diversity Regulatory risk, including the risk of nonrenewal of the main lottery licenses 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 with lottery
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| Brief Excerpt: | RESEARCH Ratings Definitions Lottomatica SpA Publication date: 30-Sep-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.
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. ...
- 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 ...
- 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 ...
- Summary: Lottomatica SpA $175.00
The rating on Italian lottery operator Lottomatica SpA reflects the company'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, ...
