...- Spain-based gaming operator Cirsa Enterprises S.L.U. has demonstrated solid operating performance above our expectations over the last 12 months, despite persistent economic challenges. - Robust EBITDA growth, combined with sound free operating cash flow (FOCF) generation, has enabled Cirsa to consistently reduce leverage. We expect S&P Global Ratings-adjusted debt to EBITDA to decline below 5x by year-end 2023. - Therefore, we raised to 'B' from 'B-' our long-term issuer credit rating on Cirsa and our issue rating on its senior secured notes. At the same time, we raised to '###+' from '###' our rating on the 483 million senior secured payment-in-kind (PIK) notes issued by LHMC Finco 2 Sarl. - The positive outlook indicates that we see a one-in-three chance that we could upgrade Cirsa if the group maintains its resilient trading performance and addresses its upcoming maturities in a timely manner (including the outstanding PIK notes issued by the holding company), and its sponsor demonstrates...
