U.S.-based gaming equipment provider AP Gaming Holdings LLC's improving operating performance will likely enable it to withstand the effects of rising interest rates on its floating-rate capital structure. Additionally, the continued improvement of the macroeconomic conditions in the company's international markets will likely support the recovery of its revenue per day (RPD) to pre-COVID levels. Therefore, we affirmed all of our ratings on AP Gaming, including our 'B' issuer credit rating. The stable outlook reflects our expectation that a continued recovery in its operating performance will gradually improve its S&P Global Ratings-adjusted debt to EBITDA to about 4x while its free operating cash flow (FOCF) to debt remains about 3% in 2023. We expect that AP Gaming's international RPD will
