Management's plan to use operating cash and the Finalto disposal proceeds to significantly reduce its gross debt underpins our forecast of an improvement in Playtech's credit metrics. The group has also extended its revolving credit facility (RCF) until October 2025 and in doing so has restored sufficient financial flexibility and liquidity to insulate itself from current macroeconomic challenges, in our view. We therefore raised our issuer credit and issue ratings on Playtech to 'BB' from 'BB-'. The stable outlook reflects our view that in the next 12 months the group has sufficient rating headroom to incorporate some of the operating underperformance arising from cost-of-living challenges and yet maintain S&P Global Ratings-adjusted leverage below 2.5x and free operating cash flow (FOCF)
