IGT reveals BB+ long-term issuer rating from Fitch
IGT has announced it, along with its subsidiary IGT Lottery, has received a BB+ rating from Fitch Ratings.
This accredits IGT and its lottery arm with a stable financial rating, while its long-term senior secured debt has been given a BBB- rating from Fitch.
Per Fitch’s report, the rating IGT has received reflects its conservative leverage, which has improved significantly post-pandemic because of net debt reduction.
This reduction of debt has been funded by proceeds from the sale of its non-core businesses, as well as strong free cash flow generation.
IGT notes that the cash position it has been granted allows it to continue funding slot machine development and shareholder returns.
The same accreditation given to its lottery platform means it will be able to absorb potential cash demands related to lottery concessions.
IGT CFO 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 recognise our leadership positions across business segments, our history of delivering solid operating and financial results and our strong credit profile.”
This latest rating given to IGT follows a B rating given to the company by CDP for its carbon footprint effect.
An environmental non-profit company, CDP granted IGT this rating for having a higher score compared to other companies, as well as for improvements on its 2021 score.
In November 2022, IGT reported $1.06bn in Q3 revenue, an 8% increase from the third quarter of 2021.
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