...- Playtech's recent trading in Italy and Latin America is ahead of our previous expectations and, despite the U.K. Gambling Act 2005 Review, we now expect S&P Global Ratings-adjusted EBITDA (excluding capitalized development costs) to be about 290 million-320 million in 2022 and credit metrics to support the current rating. - However, Playtech's scale, scope, and capital structure are subject to change as its board of directors reviews potential strategic options to maximize shareholder value. - The timeline of recent corporate M&A interest has inadvertently influenced its debt-refinancing plans, particularly for the 530 million notes that mature on Oct. 12, 2023, with the 317 million revolving credit facility (RCF) maturing shortly after in November 2023. - We have therefore affirmed our '##-' ratings on Playtech and its two bonds. - The outlook is still negative, which reflects at least a one-in-three probability in the next 12 months that we downgrade Playtech as a result of a strategic...
