Intralot Downgraded to C by Fitch After Debt Restructuring (1)

Intralot’s long-term issuer default rating was downgraded by Fitch to C from CC.

• Cut follows company entering binding lock-up agreement with key noteholders to restructure debt
• Fitch’s consider agreement a Distressed Debt Exchange, imposing a material reduction in terms and with the intention to avoid a payment default on the notes due in September 2021
  • If agreement completes, rating to be downgraded to Restricted Default before being reassessed
  • Unsuccessful completion leading to a payment default, bankruptcy filings, administration, liquidation or other formal winding-up procedure would lead to a downgrade to D
• A direct upgrade to ‘CC’ is unlikely at this ...