Fitch Downgrades Everi Rating

Fitch Ratings Inc. has downgraded supplier Everi Holdings’ long-term issuer default ratings, as the company moves to preserve liquidity during the industry shutdown.

Fitch Downgrades Everi Rating

Fitch Ratings Inc. reported it has downgraded gaming supplier Everi Holdings Inc.’s long-term issuer default ratings (IDRs) to “B” from “B+.” The downgrade applies also to the group’s subsidiary Everi Payments Inc., said the agency in a report issued last week.

Fitch has also downgraded Everi’s senior secured credit facility, as well as the group’s unsecured notes “on reduced recovery prospects” following a proposed incremental secured debt issuance. The rating outlook is negative, it added.

Everi Payments said earlier this month that the proceeds of a proposed US$125 million senior secured term loan facility would be used to provide incremental cash liquidity for the group.