Fitch rates Alliance Gaming bank debt B

Fitch Ratings said it assigned a B rating to the secured bank debt of Alliance Gaming Corp. The outlook is negative.

Fitch said the ratings reflect the precipitous decline in Alliance Gaming's operating performance in recent quarters, its increasingly constrained liquidity and a high risk of further covenant breaches over the next two quarters if operating results do not improve.

The company is facing increased competition from better-capitalized operators and generally weak projected industry demand through at least 2007, according to Fitch. Turnaround of operations is contingent on the successful release of a relatively unproven technology platform (Alpha) in May 2005.

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