Inspired Receives Affirmation of Credit Rating by Fitch
March 21 2024 - 8:30AM
Inspired Entertainment, Inc. (“Inspired” or the “Company”) (NASDAQ:
INSE), a leading B2B provider of gaming content, systems and
solutions, announced today that Fitch Ratings (“Fitch”) has
affirmed Inspired’s Long-Term Issuer Default Rating at ‘B’. The
outlook for the rating is stable. In addition, Fitch has also
affirmed Inspired's senior secured instrument rating at ‘BB-’ with
a Recovery Rating of ‘RR2’.
In affirming the credit ratings Fitch cited that
Inspired’s Virtuals and Interactive segments are “highly profitable
and have higher structural growth, which should contribute
positively to group profitability.” Fitch also noted that, “The
Stable Outlook reflects our assumptions that Inspired's organic
deleveraging in the upcoming years will be followed by timely
addressing its upcoming debt maturities through refinancing.”
About Inspired Entertainment,
Inc.
Inspired offers an expanding portfolio of
content, technology, hardware and services for regulated gaming,
betting, lottery, social and leisure operators across retail and
mobile channels around the world. The Company’s gaming,
virtual sports, interactive and leisure products appeal to a wide
variety of players, creating new opportunities for operators to
grow their revenue. The Company operates in approximately
35 jurisdictions worldwide, supplying gaming systems with
associated terminals and content for approximately 50,000 gaming
machines located in betting shops, pubs, gaming halls and other
route operations; virtual sports products through more than 32,000
retail venues and various online websites; interactive games for
170+ websites; and a variety of amusement entertainment solutions
with a total installed base of more than 16,000
terminals. Additional information can be found
at www.inseinc.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements can be identified by the use
of forward-looking terminology such as "expects," "believes,"
"estimates," "projects," "intends," "plans," "seeks," "may,"
"will," "should" or "anticipates" or the negative or other
variations of these or similar words. Although the Company believes
that its expectations are based on reasonable assumptions within
the bounds of the Company's knowledge of its business, there can be
no assurance that actual results, including the impact of the
restatement, will not differ materially from its expectations.
Meaningful factors that could cause actual results to differ from
expectations include, but are not limited to, risks relating to the
final impact of the restatement on the Company's financial
statements; the impact of the restatement on the Company's
evaluation of the effectiveness of its internal control over
financial reporting and disclosure controls and procedures; delays
in the preparation of the financial statements; the risk that
additional information will come to light during the course of the
Company's financial statement and accounting policy review that
alters the scope or magnitude of the restatement; and the risk that
the Company will be unable to obtain, if needed, any required
waivers under its debt indenture with respect to a significant
delay in filing its periodic reports with the SEC, which could
affect its liquidity; and the risk that the Company may not be able
to satisfy the terms of the Plan of Compliance it has submitted to
Nasdaq, or that Nasdaq will provide any other accommodations to the
Company. The Company does not intend to update publicly any
forward-looking statements, except as required by law. In light of
these risks, uncertainties and assumptions, the forward-looking
events discussed in this news release may not occur.
Contact:
For InvestorsIR@inseinc.com+1 (646) 277-1285
For Press and Salesinspiredsales@inseinc.com
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