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.
