U.S. gaming equipment manufacturer AP Gaming Holdings LLC's parent, PlayAGS Inc. (formerly AP Gaming Holdco Inc.) completed an initial public offering (IPO) and used net proceeds to repay debt, resulting in about a 1.5x reduction in our adjusted leverage measure. Further, we believe the IPO enhances AP Gaming's liquidity position since it provides the company a potential alternate source of funds in addition to excess cash flow and revolver availability for growth investments. AP Gaming is also seeking an amendment to its credit agreement to modestly reduce interest expense, which would improve operating cash flow and enhance the company's liquidity position. We are revising our outlook to positive from negative. We are also affirming all ratings, including our 'B' corporate
