PBL ratings affirmed on proposed acquisition of Canadian Casinos: Fitch |
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Published
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Tue, 10 Apr 2007 10:45
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LONDON (Thomson Financial) - Fitch Ratings has affirmed Publishing and Broadcasting Ltd's 'BBB+' issuer default rating after the New World Gaming Partners Ltd offered to acquire the listed and unlisted western Canadian assets of Gateway Casinos for about 1.36 bln cad.New World Gaming is a 50/50 joint venture between Publishing and Broadcasting Ltd (PBL) and Macquarie Bank.The issuer default and senior unsecured rating of Publishing and Broadcasting (Finance) Ltd are also affirmed at 'BBB+' with a stable outlook, the ratings agency said.The ratings are affirmed in view of PBL's modest equity contribution, and the established and profitable nature of the target acquisition, Fitch added.tf.TFN-Europ_newsdesk@thomson.comvsr/akuCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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