(Tiper Stock Exchange) – Moody’s has placed under review for upgrade the ratings of Lottomaticaincluding the B1 corporate family rating (CFR), the probability of default rating B1-PD (PDR ) and the B1 rating on the €340 million senior covered bonds, on the €300 million floating rate senior covered bonds , on the €575 million senior covered bonds, all maturing in 2025, and on the €350 million senior covered bonds maturing in 2027.
At the same time, Moody’s placed the B3 rating of the instrument on the PIK Toggle senior guaranteed bonds of EUR 400 million maturing in 2026 issued by Gamma Bondco under review for an upgrade. At the same time, Moody’s changed theoutlook for both rated entities under review from stable.
The rating action is driven by Lottomatica’s announcement of its intention to be listed on the stock exchange. The group is planning an initial public offering (IPO) on the Italian equity market, and will use the majority of the proceeds to redeem the senior secured PIK Toggle notes and partially redeem the senior secured 2025 notes.
Moody’s review for the upgrade will focus on results and the eventual impact of the IPO on the company’s capital structure. The conclusion of the review for the update will be based on the successful conclusion of the IPO and result probably in an all ratings upgrade by a notch.