S&P puts Gtech on negative watch

Standard & Poor's said it placed its BBB corporate credit and senior unsecured debt ratings on Gtech Holdings Corp. on CreditWatch with negative implications.

The CreditWatch placement follows the company's announcement that its board of directors was examining Gtech's strategic options in light of a non-binding preliminary expression of interest from an unidentified third party regarding a potential acquisition of the company.

Gtech had about $775 million in lease-adjusted debt outstanding, and lease-adjusted total debt to EBITDA was 1.6x for the 12 months ended May 2005.

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