Moody's rates Löwen Play notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B1-PD probability of default rating to Safari Holding GmbH, the parent company of the Löwen Play Group and guarantor of the notes.

At the same time, the agency assigned a provisional B2 rating to Safari Holding Verwaltungs GmbH's (Löwen Play) proposed senior secured guaranteed €265 million notes.

The outlook is stable.

The provisional B2 rating assigned to the notes is based on a review of draft documentation. Definitive ratings will be assigned upon a satisfactory review of final documentation and upon the successful close of the transaction.

Moody's said the B2 corporate family rating primarily reflects (a) Löwen Play's small size and lack of international diversification; (b) the material regulatory risk following the regulatory overhaul of the German gaming industry, which could have a material negative effect on Löwen Play's business model from July 2017 onwards; and (c) the key personal risk especially in the context of the regulatory threat.

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