The parent company of Spain-based gaming company Cirsa Enterprises S.L.U. (Cirsa) intends to issue €375 million senior secured payment-in-kind (PIK) senior secured notes in order to pay a dividend to its shareholders. The new notes will be issued by LHMC Finco 2, an entity outside the restricted group that has 100% indirect ownership of Cirsa. After this transaction, the S&P Global Ratings-adjusted debt to EBITDA ratio of the wider Cirsa group (including LHMC Finco 2) will reach about 5.5x, compared with our previous expectations of around 4.8x, and we expect leverage to remain at similar levels over the next two years. We are therefore lowering our long-term issuer credit and issue ratings on Cirsa to 'B' from 'B+'. We are