Moody’s ups Inspired Entertainment

Moody’s Investors Service said it upgraded Inspired Entertainment, Inc.’s probability of default rating to Caa1-PD from D-PD, and the company’s corporate family rating to Caa1 from Caa2.

Concurrently, Moody’s upgraded to Caa1 from Caa2 the ratings on the £220 million equivalent backed senior secured term loan B, £140 million term loan B1 and €90 million term loan B2, and the £20 million backed senior secured revolving credit facility, all borrowed by Gaming Acquisitions Ltd.

The agency changed the outlook to stable for both entities. These actions conclude the review for downgrade initiated on April 17, Moody’s said.

The upgrade reflects the company’s improved liquidity position with around $46 million cash – including the drawdown of the £20 million revolver – following the amendment of its senior facilities agreement on June 25, which includes a relaxation of maintenance covenants and capitalization of the $11 million interest payment due in April, Moody’s said.

A lower than expected cash burn during the lockdown phase of the coronavirus pandemic also helped liquidity, the agency said.

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