GTECH S.p.A. today announced that Standard & Poor’s (S&P) Rating Services has lowered its corporate credit rating on GTECH to BBB- from BBB, and also lowered its short-term rating to A-3 from A-2.
S&P is also lowering its ratings on GTECH’s senior unsecured debt to BBB- from BBB, and lowered its ratings on the Company’s subordinated debt to BB from BB+. The downgrades follow GTECH’s announcement that the Company intends to acquire International Game Technology (IGT) for a total consideration of $4.7 billion.