INTRALOT
All,
Fitch are the latest (last) to downgrade Intralot now - to B-.
Fitch are also reported to have landed on the moon today...
Please ignore the rating. The company needs at a minimum a refinancing and asset sales to play for time. More likely a restructuring.
Separately:
IGT have announced results today, achieving guidance. The company is 4.5x levered, trades at 6.5x through the equity.
But: adjusting for Italian up-front license fees this year and impairment charges and subsidiary sales last year, the company has an FCF interest coverage of roughly 1.25x. Not very convincing, but perhaps encouraging for Intralot. Still IGT seems unable to buy - let alone uninterested in Intralot - if the latter even were for sale.
IGT Financials:
Wolfgang
