Ladbrokes PLC Jun 12

Standard & Poors, June 2012

Abstract
Second-largest player in the cash-generative U.K. retail betting industry. Large refurbished nationwide shop estate with high barriers to entry. Strong brand recognition in the U.K. and Ireland. Still-significant lease-adjusted financial leverage and material contingent financial liabilities. Exposure to adverse discretionary consumer spending trends. Like all gaming operators, exposure to sudden unexpected changes in tax or regulatory regimes. Heavy dependence on the U.K., with only significant international presence in Ireland and Belgium, and online gaming clients still predominantly in the U.K. Lower online revenue growth than main competitors. The ratings on U.K.-based gaming group Ladbrokes PLC reflect Standard & Poor's Ratings Services' view of the group's "significant" financial risk profile and its "satisfactory" business risk profile. The group's "satisfactory" business risk...

Companies mentioned in this report are: Ladbrokes PLC,Ladbrokes Group Finance PLC
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Ladbrokes PLC,Ladbrokes Group Finance PLC

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