Report title: Summary: Lottomatica SpA
from S&P Credit Research
1111 word report published May 15, 2008

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Abstract: 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, and a relatively predictable cash flow base. These factors are tempered by the maturity and capital intensity inherent in the worldwide online lottery business, intense pricing pressures in the U.S. lottery industry, and a financial profile that is somewhat weak for the low-investment-grade rating. In August 2006, Lottomatica completed the acquisition of GTECH. The transaction combined GTECH's strong business position as the world's leading operator of online lottery systems (most notably in the U.S.) with Lottomatica's cash-generating Italian lottery business, which offers both traditional Italian Lotto

Brief Excerpt: RESEARCH Ratings Definitions Summary: 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...

Report Type: Summary
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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