Italian gaming company Gamenet Group S.p.A (Gamenet) continues to deliver strong operating performance, despite the challenging market environment. Gamenet is also progressing with the successful integration of GoldBet, which it acquired in October 2018. We are affirming our 'B+' issuer credit rating on Gamenet and 'B+' issue rating on the €450 million senior secured notes. The stable outlook reflects our expectation that Gamenet will continue to demonstrate sound operating performance and successfully complete the integration of GoldBet, with debt to EBITDA dropping below 4.0x by end-2019 and free operating cash flow remaining materially positive. Our rating affirmation reflects Gamenet's sustained, sound operating performance, with pro forma management EBITDA increasing to €78.7 million in the first half of 2019 (H1 2019)
