Intralot - New bond recommendation
We have a Stable-to-Positive credit view for Intralot, based on the rapid growth profile fueled by the “asset-light” strategy, the recent good performance as well as the good visibility on sales stemming from the 87 long-term contracts/licenses. However, we recognize the important exposure to emerging markets and the complex financial structure, including substantial cash leakage to minority shareholders and high proportionate net leverage.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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