...- Australia-based lottery operator and Keno licensee Lottery Corp. Ltd. (TLC) derives its credit quality from high-quality cash flows, its strong competitive position in the heavily regulated Australian market, and its exclusive and long-dated state and territory licenses. - TLC's competitive position benefits from high barriers to entry, earnings stability, and low capital intensity. As a result, the business can support elevated financial leverage. - On May 30, 2022, S&P Global Ratings assigned its '###+' issuer credit rating to Lottery Corp. Ltd. following completion of its demerger from Tabcorp Holdings Ltd. (Tabcorp). - At the same time, we have withdrawn our '###-' long-term issuer and issue credit ratings on Tabcorp at the company's request. The outlook was stable at the time of the withdrawal. - The outlook on TLC is stable, reflecting our expectation that the company's high quality cash flow and long-dated state and territory licenses, creating substantial market barriers, will...
