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Thursday, July 17, 2014

S&P cuts GTECH rating to BBB- after IGT buy, (NYSE: IGT)

Standard & Poor's has cut its rating for Italy's lottery operator GTECH to BBB- from BBB after the company announced it was buying U.S. slot machine maker International Game Technology for $4.7 billion, GTECH said on Thursday. The short-term rating was cut to A-3 from A-2. GTECH announced the deal on Wednesday.

International Game Technology (IGT) is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms: land-based, online real-money and social gaming. Shares of IGT traded higher by 0.59% or $0.1/share to $17.02. In the past year, the shares have traded as low as $12.14 and as high as $21.20. On average, 7731230 shares of IGT exchange hands on a given day and today's volume is recorded at 16467170.