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Moody’s rates Stars facilities B1, notes Caa1
Moody's Investors Service said it confirmed Stars Group Inc.'s B2 corporate family rating and B2-PD probability of default rating.
The company's speculative grade liquidity rating was affirmed at SGL-1.
The agency assigned B1 ratings to Stars Group Holdings BV's proposed $700 million senior secured revolving credit facility due 2023 and $4.98 billion senior secured term loan facility due 2025.
A Caa1 rating was assigned to the company's proposed $850 million senior notes due 2026.
The outlook is stable.
"The confirmation of Stars Group's B2 corporate family rating reflects the expected benefits of the Sky Betting & Gaming acquisition, including increased scale and diversification from poker into sportsbetting, as well as increased exposure to more predictable regulated markets,” Adam McLaren, Moody's analyst, said in a news release.
"The acquisition provides Stars with a fast growing, strong established brand and technology platform in sportsbetting in the U.K. which can be utilized in other jurisdictions, including Europe and the U.S., to the extent opportunities arise.”
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