On Oct. 23, 2019, gaming company Gamenet Group S.p.A (Gamenet) announced Apollo Global Management's (Apollo's) intention to acquire a 48.67% stake from existing investors, with the aim of subsequently launching a mandatory takeover offer and delisting the group. Apollo's proposed capital structure for the takeover is not yet disclosed, however, we believe financial policy may be more aggressive under the new financial sponsor's ownership, which could lead to a reassessment of our financial risk assessment. We are therefore placing our 'B+' issuer credit and issue ratings on Gamenet and its senior secured notes on CreditWatch with negative implications. We expect to resolve the CreditWatch placement in the next three-to-six months, once we have clarity on the new capital structure and
