...- Odyssey Europe Holdco S.a R.L. (Odyssey), parent of Baltic gaming group Olympic Entertainment (Olympic), has performed in line with our expectations and reduced its S&P Global Ratings-adjusted leverage to 6.2x in 2022, after the addition of the online gambling business OlyBet in May 2022 and the Croatia business in August 2022 into the restricted group. Including the pro forma full-year contribution from these businesses, leverage was lower at 4.8x. - We expect the group to continue to generate positive reported free operating cash flow (FOCF) after leases and adequate liquidity--with cash of 54.7 million at year-end 2022--partly thanks to the contribution of Olybet and Croatia into the restricted group. - The December 2025 notes maturity provides some approaching refinancing risk; we view weighted average maturities of less than 24 months as a capital structure risk. - Second-quarter 2023 results show some temporary weakness in Baltics land-based operations. However, due to continued...
