LONDON, Feb. 2, 2023
/PRNewswire/ -- International Game Technology PLC ("IGT")
(NYSE:IGT) announced today that Fitch Ratings, Inc. ("Fitch") has
assigned each of IGT and its subsidiary, IGT Lottery Holdings B.V.,
a long-term issuer rating of BB+ with a stable rating outlook and a
rating of BBB- to their long-term senior secured debt.
According to Fitch's published report, 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. The strong credit profile positions IGT
favorably to continue funding slot machine development and
shareholder returns and absorb potential future cash demands
related to lottery concessions. The rating also considers IGT's
leading share in core gaming end markets, specifically lottery.
"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-," said Max Chiara, CFO of IGT. "These ratings recognize
our leadership positions across business segments, our history of
delivering solid operating and financial results, and our strong
credit profile."
About IGT
IGT (NYSE:IGT) is a global leader in gaming. We deliver
entertaining and responsible gaming experiences for players across
all channels and regulated segments, from Lotteries and Gaming
Machines to Sports Betting and Digital. Leveraging a wealth of
compelling content, substantial investment in innovation, player
insights, operational expertise, and leading-edge technology, our
solutions deliver unrivaled gaming experiences that engage players
and drive growth. We have a well-established local presence and
relationships with governments and regulators in more than 100
countries around the world, and create value by adhering to the
highest standards of service, integrity, and responsibility. IGT
has approximately 10,500 employees. For more information, please
visit www.IGT.com.
Cautionary Statement Regarding Forward-Looking
Statements
This news release may contain forward-looking statements
(including within the meaning of the Private Securities Litigation
Reform Act of 1995) concerning International Game Technology PLC
and its consolidated subsidiaries (the "Company") and other
matters. These statements may discuss goals, intentions, and
expectations as to future plans, trends, events, dividends, results
of operations, or financial condition, or otherwise, based on
current beliefs of the management of the Company as well as
assumptions made by, and information currently available to, such
management. Forward-looking statements may be accompanied by words
such as "aim," "anticipate," "believe," "plan," "could," "would,"
"should," "shall," "continue," "estimate," "expect," "forecast,"
"future," "guidance," "intend," "may," "will," "possible,"
"potential," "predict," "project" or the negative or other
variations of them. These forward-looking statements speak only as
of the date on which such statements are made and are subject to
various risks and uncertainties, many of which are outside the
Company's control. Should one or more of these risks or
uncertainties materialize, or should any of the underlying
assumptions prove incorrect, actual results may differ materially
from those predicted in the forward-looking statements and from
past results, performance, or achievements. Therefore, you should
not place undue reliance on such statements. Factors that could
cause actual results to differ materially from those in the
forward-looking statements include (but are not limited to) the
factors and risks described in the Company's annual report on Form
20-F for the financial year ended December 31, 2021 and other
documents filed from time to time with the SEC, which are available
on the SEC's website at www.sec.gov and on the investor relations
section of the Company's website at www.IGT.com. Except as required
under applicable law, the Company does not assume any obligation to
update these forward-looking statements. You should carefully
consider these factors and other risks and uncertainties that
affect the Company's business. Nothing in this news release is
intended, or is to be construed, as a profit forecast or to be
interpreted to mean that the financial performance of International
Game Technology PLC for the current or any future financial years
will necessarily match or exceed the historical published financial
performance of International Game Technology PLC, as applicable.
All forward-looking statements contained in this news release are
qualified in their entirety by this cautionary statement. All
subsequent written or oral forward-looking statements attributable
to International Game Technology PLC, or persons acting on its
behalf, are expressly qualified in their entirety by this
cautionary statement.
Contacts
Phil O'Shaughnessy, Global
Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside
U.S./Canada +1 (401) 392-7452
Francesco Luti, +39 06 5189 9184;
for Italian media inquiries
James Hurley, Investor Relations, +1
(401) 392-7190
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SOURCE International Game Technology PLC