S&P lifts Cirsa Gaming

S&P said it raised the long-term corporate credit rating on Cirsa Gaming Corp. SA to BB- from B+.

The outlook is stable.

“Our upgrade of Cirsa reflects the company's continuous outperformance, increased business scale and improved geographical diversification, which it has achieved by reducing its exposure to Latin American countries, especially to Argentina, as percentage of EBITDA,” the agency said in a news release.

“We expect Cirsa to report strong full-year 2017 results and to reach around €426 million reported EBITDA, mainly driven by the contribution of the acquired casinos in Peru, selective acquisitions and positive foreign exchange movements.”

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