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Moody's withdraws Ritzio International's ratings

July 31, 2009 | Moody's Investors Service


New York, July 30, 2009 -- Moody's Investors Service has today withdrawn the Caa3 corporate family, Caa3 senior unsecured and Ca probability of default ratings (PDR) of Ritzio International Limited ("Ritzio International" or "the company"). Ritzio International has US$280 million of outstanding Notes rated by Moody's. The ratings were withdrawn on request of the issuer for business reasons, and following a formal default on the coupon payment on 27 July 2009, as previously anticipated by Moody's downgrade of the PDR to Ca on May 22, 2009. We understand that the company is in formal debt restructuring negotiations with the creditors. Please refer to Moody's Withdrawal Policy, "Moody's Guidelines for the Withdrawal of Ratings", available on www.moodys.com.

The previous action of the agency was on 22 May 2009, when Moody's downgraded to Caa3 from Caa2 the corporate family and senior unsecured ratings of the existing US$280 million Loan Participation Notes ("the
Notes") due 2010, and to Ca from Caa2 the probability of default rating of Ritzio International Limited ("Ritzio International" or "the company"), and left the ratings on review for possible downgrade pending the outcome of the imminent liquidity issues and ultimate refinancing risks. The rating action was triggered by the increased probability of termination of the company's operations in Ukraine, contributing a significant share of the company's revenue and the bulk of its EBITDA.
Their discontinuation effective June 2009 had a major negative effect on Ritzio International's credit profile and its ability to support debt service.

For the assignment of the ratings, Moody's applied its Global Gaming Rating Methodology published in August 2005 which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Ritzio International Limited ("RIL", or "the company") is a gaming operator in Europe, Latin America, CIS and the Baltics, primarily operating slot machine halls. Ritzio International reported revenue of
US$354.5 million and Operating profit before depreciation, amortisation and financing costs of US$88 million for the first nine months of 2008.

Company: Ritzio International

Full company nameRitzio International Limited
Country of riskRussia
Country of registrationCyprus
IndustryOther sectors

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