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S&P cuts gaming co's rating after notes-offer cancellation

Monday, February 8, 2010

S&P has lowered its long-term corporate credit rating on SNAI to B from B+ after the Italian gaming and betting company cancelled its planned €350 million offering of notes. The outlook is negative due to liquidity concerns over SNAI’s ability to refinance 2011 facilities.

Last week SNAI pulled its notes offering, citing market conditions. It is also facing a €20 million claim for damages from private equity firm Bridgepoint Capital after its offer was rejected.

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