Obbligazioni societarie Sisal obbligazioni High Yield 7,25%, 2018 callable 2014 - XS0931919947 (4 lettori)
- Creatore Discussione qquebec
- Data di Inizio
qquebec
Super Moderator
Non credo, ma non mi pare sia difficile
Un po' cara
mi unisco alla famiglia sisal a 101.6080%
lambda
Forumer attivo
porchetto
la casa non fallisce
brutto segno sta stornamdo ?
Tobia
Forumer storico
PARIS (Standard & Poor's) May 2, 2013--Standard & Poor's Ratings Services said
today that it had assigned its 'B' long-term corporate credit rating to
Italy-based gaming group Sisal Holding Istituto di Pagamento S.p.A. The
outlook is positive.
At the same time, we assigned our 'B' issue rating to Sisal's proposed €275 million senior secured notes due 2017. The recovery rating on these notes is '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default.
The rating on Sisal is mainly constrained by our view of the group's financial risk profile as "highly leveraged". We assess Sisal's capital structure at the level of its holding company, Gaming Invest s.a.r.l., in order to encompass the group's total external debt, which includes shareholder loans, and amounts to nearly €1.6 billion.
The pace of Sisal's future deleveraging depends on the company's capacity to resume historic earnings growth. Our base case is based on marginal top-line growth, while the company's profitability should at least stabilize at the mentioned level. Under this scenario, we see a marginally improving leverage to around the mentioned levels for the next 12 months.
The rating on Sisal is further constrained by our view of its liquidity under
its current capital structure as "less than adequate", as defined in our
criteria, as we believe the group may not be able to fund all of its debt
maturities through internal cash sources over the next 12 months if earnings decline substantially. After the transaction, however, we will likely revise our view of Sisal's liquidity to "adequate".
We consider Sisal's business risk profile as "fair". We consider Sisal's
business risk profile to be constrained by its lack of diversity and sole
exposure to the waning Italian economy and declining consumer spending. Our view of the maturing Italian gaming market after years of solid growth, as well as risks of increasing tax pressure from the Italian gaming regulator, are additional constraints.
Partly offsetting these factors are Sisal's strong position as the second-largest gaming group in Italy, which is the largest gaming market in
Europe, as well as its good product diversification, which has enabled the
group to reduce its dependence on the lottery business. Further strengths
include a retail network that encompasses 46,000 points of sale.
The positive outlook reflects our view that, subject to a successful lengthening of its debt maturity profile, a faster-than-anticipated recovery
of Sisal's earnings generation could enhance the company's free cash flow
generation and interest cover capacity. Under our base-case scenario of
earnings stabilization, we consider a ratio of adjusted EBITDA to cash
interest coverage of over 1.5x--equivalent to 2.0x excluding the mezzanine's and shareholder loan's accruing interest--to be in line with the current 'B' issuer credit rating. This scenario excludes any material adverse changes in gaming regulation, taxes, or litigation.
We could therefore raise the rating if the group manages to satisfactorily
lengthen its debt maturity profile over the next few months, and if nominal
EBITDA growth resumes beyond our base-case assumptions over the next 12 months. We would see continuing positive free cash flow generation and a ratio of adjusted EBITDA to cash interest coverage of about 2.2x--equivalent to 3.0x excluding the mezzanine's and shareholder loan's accruing interest--as commensurate with a 'B+' rating. Under our upgrade scenario, adjusted leverage would also reduce to under 6x in 2013, excluding shareholder loans, or to 9x including them.
We could revise the outlook to stable if the group were unable to improve
liquidity from our current "less than adequate" assessment over the short
term, but in any case before year-end 2013. In addition, downward rating
pressure could arise if the group proved unable to stabilize nominal EBITDA from 2012 levels, causing FOCF to turn negative, or if the group were to engage in significant acquisitions or capital investments that resulted in weaker credit metrics.
today that it had assigned its 'B' long-term corporate credit rating to
Italy-based gaming group Sisal Holding Istituto di Pagamento S.p.A. The
outlook is positive.
At the same time, we assigned our 'B' issue rating to Sisal's proposed €275 million senior secured notes due 2017. The recovery rating on these notes is '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default.
The rating on Sisal is mainly constrained by our view of the group's financial risk profile as "highly leveraged". We assess Sisal's capital structure at the level of its holding company, Gaming Invest s.a.r.l., in order to encompass the group's total external debt, which includes shareholder loans, and amounts to nearly €1.6 billion.
The pace of Sisal's future deleveraging depends on the company's capacity to resume historic earnings growth. Our base case is based on marginal top-line growth, while the company's profitability should at least stabilize at the mentioned level. Under this scenario, we see a marginally improving leverage to around the mentioned levels for the next 12 months.
The rating on Sisal is further constrained by our view of its liquidity under
its current capital structure as "less than adequate", as defined in our
criteria, as we believe the group may not be able to fund all of its debt
maturities through internal cash sources over the next 12 months if earnings decline substantially. After the transaction, however, we will likely revise our view of Sisal's liquidity to "adequate".
We consider Sisal's business risk profile as "fair". We consider Sisal's
business risk profile to be constrained by its lack of diversity and sole
exposure to the waning Italian economy and declining consumer spending. Our view of the maturing Italian gaming market after years of solid growth, as well as risks of increasing tax pressure from the Italian gaming regulator, are additional constraints.
Partly offsetting these factors are Sisal's strong position as the second-largest gaming group in Italy, which is the largest gaming market in
Europe, as well as its good product diversification, which has enabled the
group to reduce its dependence on the lottery business. Further strengths
include a retail network that encompasses 46,000 points of sale.
The positive outlook reflects our view that, subject to a successful lengthening of its debt maturity profile, a faster-than-anticipated recovery
of Sisal's earnings generation could enhance the company's free cash flow
generation and interest cover capacity. Under our base-case scenario of
earnings stabilization, we consider a ratio of adjusted EBITDA to cash
interest coverage of over 1.5x--equivalent to 2.0x excluding the mezzanine's and shareholder loan's accruing interest--to be in line with the current 'B' issuer credit rating. This scenario excludes any material adverse changes in gaming regulation, taxes, or litigation.
We could therefore raise the rating if the group manages to satisfactorily
lengthen its debt maturity profile over the next few months, and if nominal
EBITDA growth resumes beyond our base-case assumptions over the next 12 months. We would see continuing positive free cash flow generation and a ratio of adjusted EBITDA to cash interest coverage of about 2.2x--equivalent to 3.0x excluding the mezzanine's and shareholder loan's accruing interest--as commensurate with a 'B+' rating. Under our upgrade scenario, adjusted leverage would also reduce to under 6x in 2013, excluding shareholder loans, or to 9x including them.
We could revise the outlook to stable if the group were unable to improve
liquidity from our current "less than adequate" assessment over the short
term, but in any case before year-end 2013. In addition, downward rating
pressure could arise if the group proved unable to stabilize nominal EBITDA from 2012 levels, causing FOCF to turn negative, or if the group were to engage in significant acquisitions or capital investments that resulted in weaker credit metrics.
qquebec
Super Moderator
nel caso raddoppieremo
La gente si sta rovinando col gioco e finchè lo stato permetterà queste cose, Sisal (come tutte le altre) andrà bene.
son d'accordo, purtroppo come ben sai in finanza non si può non essere pratici e al limite del cinismo....anche oltre
sarebbe sufficiente inserire un lettore del codice fiscale e ognuno potrebbe auto limitare l'importo massimo giornaliero
così non sarà mai però
è un cane che si morde la coda.....per quanto lo stato incassa ne spende per le varie politiche di prevenzione, la cura dei soggetti malati di gioco...senza contare le sale gioco illegali, ecc ecc
guarda l'alchool.... ne ammazza più delle canne però il primo è legale ma se ti fumi uno spinello vieni segnalato alla prefettura manco fossi un pericoloso delinquente
se guidi ubriaco e ammazzi te la cavi con poco disturbo
qquebec
Super Moderator
Esatto. Per tenere aperti i Sert bisogna fare in modo che ci siano pazienti. E avanti così col carrozzone degli sprechi
Poi dietro alle scommesse c'è la mafia che dà lavoro e mangia, quindi... Sisal è sicura 