Bulletin: Playtech Remains On CreditWatch Negative Approaching Release Of Full-Year Results - S&P Global Ratings’ Credit Research

Bulletin: Playtech Remains On CreditWatch Negative Approaching Release Of Full-Year Results

Bulletin: Playtech Remains On CreditWatch Negative Approaching Release Of Full-Year Results - S&P Global Ratings’ Credit Research
Bulletin: Playtech Remains On CreditWatch Negative Approaching Release Of Full-Year Results
Published Feb 20, 2024
3 pages (1271 words) — Published Feb 20, 2024
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About This Report

  
Abstract:

This report does not constitute a rating action. LONDON (S&P Global Ratings) Feb. 20, 2024--S&P Global Ratings today said that its rating on the U.K.-based software and gaming company Playtech PLC (BB/Watch Neg/--) remains on CreditWatch with negative implications, where it was placed on Nov. 7, 2023. Our 'BB' issue ratings on the group?s senior secured notes also remain on CreditWatch negative. Since January 2023, Playtech and Caliplay, the subsidiary of Mexican casino operator Caliente, have been engaged in legal proceedings in the U.K. and Mexico. Playtech's announcement on Nov. 1, 2023, that all fees due to the group under its arrangement with Caliente are being paid into a Mexican court-mandated trust account, rather than directly to the group, led

  
Brief Excerpt:

...February 20, 2024 This report does not constitute a rating action. LONDON (S&P Global Ratings) Feb. 20, 2024--S&P Global Ratings today said that its rating on the U.K.-based software and gaming company Playtech PLC (##/Watch Neg/--) remains on CreditWatch with negative implications, where it was placed on Nov. 7, 2023. Our '##' issue ratings on the group's senior secured notes also remain on CreditWatch negative. Since January 2023, Playtech and Caliplay, the subsidiary of Mexican casino operator Caliente, have been engaged in legal proceedings in the U.K. and Mexico. Playtech's announcement on Nov. 1, 2023, that all fees due to the group under its arrangement with Caliente are being paid into a Mexican court-mandated trust account, rather than directly to the group, led us to take the CreditWatch action on Nov. 7, 2023 (see "Playtech PLC Ratings On CreditWatch Negative On Legal Dispute With Caliente," published on RatingsDirect). Three months have elapsed since then, and our CreditWatch...

  
Report Type:

Bulletin

Issuer
Playtech PLC
GICS
Casinos & Gaming (25301010)
Sector
Global Issuers
Country
United Kingdom
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Playtech Remains On CreditWatch Negative Approaching Release Of Full-Year Results" Feb 20, 2024. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Playtech-Remains-On-CreditWatch-Negative-Approaching-Release-Of-Full-Year-Results-3127502>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Playtech Remains On CreditWatch Negative Approaching Release Of Full-Year Results Feb 20, 2024. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Playtech-Remains-On-CreditWatch-Negative-Approaching-Release-Of-Full-Year-Results-3127502>
  
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