We are forecasting free operating cash flow (FOCF) for U.S. gaming equipment manufacturer AP Gaming Holdings LLC to be minimal to modestly negative through 2017 as the company invests to support its continued EBITDA growth. As a result, we believe the company may need to rely on excess cash and revolver availability to fund interim cash needs. We believe that increases liquidity risk when EBITDA growth slows because returns on growth investments are not realized as quickly as expected or are lower than expected. We are revising the outlook to negative from stable and affirming all ratings. The negative outlook reflects our forecast for minimal to modestly negative free cash flow generation in 2017 due to expected spending on growth
