...- Gambling company Playtech PLC expects to close the sale of gaming operator Snaitech to Flutter Entertainment PLC (##+/Positive/--) in the second quarter of 2025 and anticipates it will use the sales proceeds to pay a large dividend to shareholders, pre-pay some senior secured debt, and pay other one-off transaction costs. - In our view, the disposal of Snaitech will result in a weakening of Playtech's business risk profile, and it is uncertain whether the group's final financial profile will sufficiently offset the former. Positively, however, Playtech reached an agreement to resolve its dispute with Caliente, and the company's operating performance during the first half of 2024 was sound. - We have therefore extended our CreditWatch placement, with negative implications, on Playtech's '##' long-term issuer and issue credit ratings. - The Credit Watch negative placement reflects the increased risk of a downgrade if Playtech successfully closes the sale of Snaitech, on account of a weaker...
