Fitch upgrades Bally Technologies debt ratings

NEW YORK (AP) - Fitch Ratings on Monday upgraded the debt ratings of casino game and video lottery machine maker Bally Technologies Inc. Fitch raised Bally's issuer default rating by two notches, to "BB-" from "B" and its secured bank credit facilities to "BB+" from "BB/RR1." Fitch said the upgrades are due to Bally's "significant improvement in its operating and financial performance," which reflects its "substantially improved product pipeline." The ratings remain at non-investment, or "junk," grade. Fitch said the rating outlook on Bally's remains positive. "Bally's credit profile continues to improve rapidly since Fitch previously upgraded its IDR seven months ago," the ratings agency said. Many of the issues that weighed on the IDR in the past are now largely resolved, Fitch said, including concerns about risk related to... [read full story]