• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 27 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

IGT lauds first-time credit rating from Fitch on improved debt position

Newsdesk by Newsdesk
Fri 3 Feb 2023 at 05:08
Home is where the heart is
7
SHARES
171
VIEWS
Print Friendly, PDF & Email

Ratings agency Fitch has assigned International Game Technology and IGT Lottery Holdings an Issuer Default Rating of “BB+” for the first time, citing the company’s “conservative leverage” and improved financial position since the start of the COVID-19 pandemic.

It has also assigned a “BBB-“/”RR2” rating to IGT’s senior secured debt, which consists of IGT’s senior secured notes and term loan, with a Rating Outlook of Stable.

Noting that IGT has sold off non-core assets to fund debt paydown, Fitch said in a note that the company’s strong credit profile “positions IGT favorably to continue funding slot machine development, shareholder returns, and absorb potential future cash demands related to lottery concessions. The rating also considers IGT’s leading share in core gaming end markets, specifically lottery.”

Specifically, the agency pointed to IGT having reduced its gross leverage from 5.7x at the end of 2019 to 4.0x at the end of 2022, while management has stated its intention to further reduce leverage to between 3.0x and 3.5x.

Despite facing increasing competition, particularly in the US where it holds around 25% market share in slots, Fitch said IGT’s rating “reflects its conservative leverage profile, solid FCF generation, and leading market position in the global lottery and gaming equipment industries. This is balanced against the competitive intensity for slot machines and the capital-intensive nature of the lottery industry that could also require material, upfront cash payments.

“IGT’s primary difference from its peers Aristocrat Leisure, Light & Wonder and Everi Holdings is that a majority of its cash flows are generated by less cyclical lotteries. This results in slightly weaker FCF (free cash flow) generation, though still solid, when coupled with IGT’s recurring dividend and minority distributions. IGT is considered a top three global gaming supplier with peers ALL and LNW, each generating a higher degree of ship share than smaller peer Everi.

“IGT’s lottery exposure gives Fitch a slightly higher tolerance for leverage relative to its US-rated peer set.”

In response to the rating, IGT Chief Financial Officer Max Chiara said, “We are pleased to have achieved, for the first time from Fitch, an issuer rating of ‘BB+’ with a stable outlook and an investment grade senior secured debt rating of ‘BBB-’.

“These ratings recognize our leadership positions across business segments, our history of delivering solid operating and financial results, and our strong credit profile.”

RelatedPosts

GLI set to be acquired by private equity firm CVC Capital Partners

GLI set to be acquired by private equity firm CVC Capital Partners

Wed 23 Jul 2025 at 11:35
Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Tue 22 Jul 2025 at 05:21
Ainsworth shareholder Kjerulf Ainsworth questions valuation of company property under Novomatic takeover deal

Ainsworth shareholder Kjerulf Ainsworth questions valuation of company property under Novomatic takeover deal

Mon 21 Jul 2025 at 05:41
American poker pro Michael Mizrachi just completed the greatest feat in poker history

American poker pro Michael Mizrachi just completed the greatest feat in poker history

Thu 17 Jul 2025 at 11:38
Load More
Tags: debtFitch RatingsIGTInternational Game TechnologyNorth America
Share3Share
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Winds of change

Belle Corp’s share in City of Dreams Manila gaming revenue down 18% in 1H25

by Newsdesk
Sat 26 Jul 2025 at 08:39

Philippines real estate firm Belle Corp saw its share in gaming revenue from City of Dreams Manila fall by 18% year-on-year to Php772.3 million (US$13.5 million) in the first half of 2025, reflecting the challenges currently being faced by Manila’s...

DigiPlus to enter South Africa’s online sports betting market

DigiPlus to enter South Africa’s online sports betting market

by Newsdesk
Sat 26 Jul 2025 at 08:37

Philippines gaming technology firm DigiPlus Interactive Corp has announced plans to further expand internationally by entering the South African online sports betting market. The company said in a Friday statement that it would file license applications with the Western Cape...

Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

by Ben Blaschke
Fri 25 Jul 2025 at 12:34

Malaysian investment bank Maybank has warned that the threat of a total ban on the Philippines’ domestic online gaming, or eGames, sector is real given that political noise is similar to before recent bans on eSabong and POGOs. While Maybank...

MGTO says no apparent impact on visitor numbers from limitation on provision of free snacks in Macau casinos

Macau visitor arrivals rise 13.3% year-on-year to 2,891,003 in June

by Pierce Chan
Fri 25 Jul 2025 at 05:45

According to data from Macau’s Statistics and Census Service (DSEC), a total of 2,891,003 visitors arrived in Macau in June, representing a year-on-year increase of 13.3%. Mainland China remained the primary source of visitors to Macau in June, with 1,995,627...

Your browser does not support the video tag.


IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English