Bulletin: Gamma Bidco SpA Rating Discontinued On Merger Into Lottomatica SpA

This report does not constitute a rating action. PARIS (S&P Global Ratings) April 1, 2022—S&P Global Ratings today discontinued its ?B? long-term issuer credit rating on Gamma Bidco SpA (last reviewed in November 2021) following its merger with its subsidiary Lottomatica SpA (B/Stable/--). At the time of discontinuance, the outlook was stable. On Jan. 26, 2022, Gamma Bidco completed its merger by incorporation into its direct subsidiary Lottomatica (B/Stable/--). The company?s obligations, including its €1,215 million rated senior secured notes and an €222 million unrated revolving credit facility, have been transferred to Lottomatica, the surviving entity of the merger. The ?B? issue rating and ?3? recovery rating (rounded estimate: 60%) on the notes, as well as the issuer credit rating

...PARIS (S&P Global Ratings) April 1, 2022--S&P Global Ratings today discontinued its `B' long- term issuer credit rating on Gamma Bidco SpA (last reviewed in November 2021) following its merger with its subsidiary Lottomatica SpA (B/Stable/--). At the time of discontinuance, the outlook was stable. On Jan. 26, 2022, Gamma Bidco completed its merger by incorporation into its direct subsidiary Lottomatica (B/Stable/--). The company's obligations, including its 1,215 million rated senior secured notes and an 222 million unrated revolving credit facility, have been transferred to Lottomatica, the surviving entity of the merger. The `B' issue rating and `3' recovery rating (rounded estimate: 60%) on the notes, as well as the issuer credit rating on Lottomatica SpA are unaffected....

Bulletin