Ratings agency Fitch has assigned a stable rating outlook and long-term issuer rating of ‘BB+’ to International Game Technology (IGT) and its subsidiary IGT Lottery Holdings.
The agency further added a rating of ‘BBB-‘ to their long-term senior secured debt.
The ‘BB+’ rating is the first such received by IGT from Fitch, with the group’s CFO noting that the two ratings issued “recognize our leadership positions across business segments, our history of delivering solid operating and financial results, and our strong credit profile”.
The group notes that the issuer rating ‘reflects IGT’s conservative leverage, which improved meaningfully from pre-pandemic levels primarily because of debt reduction funded by proceeds from the sales of non-core businesses and strong free cash flow generation’.
It notes that the group’s credit profile ‘positions IGT favorably to continue funding slot machine development and shareholder returns and absorb potential future cash demands related to lottery concessions’.