Completion of Intralot transaction helps reduce debt Bally’s still at an impasse with creditors over sale of Rhode Island casino real estate Regional casino operator Bally’s was removed from “rating watch negative” by Fitch Ratings following the recent completion of a $3.17 billion transaction with Greek lottery provider Intralot that makes Bally’s the majority owner of the combined entity. The Atlantic City Boardwalk entrance to Bally’s. Fitch removed the operator from “rating watch negative.” (Image: Shutterstock) Fitch reiterated an overall credit rating of “B-“ on Bally’s, implying the issuer’s corporate debt is highly speculative. That grade is six notches into junk territory and just one rung above the dubious “CCC” range that implies substantial risk of default. In July, Bally’s announced that it’s combining its international digital business with Greek lottery provider Intralot, resulting in $1.76 billion in cash flowing to Bally’s along with a 60% equity interest in the new version of Intralot. That deal, which was completed earlier…Read MoreCategory: Financial, Mergers and Acquisitions, Real Estate, mergers and acquisitions, real estateSource: Casino.org