Moody's Ratings has upgraded Intralot S.A.'s corporate family rating to B2 from Caa1 with a stable outlook. This rating action, which concludes a review initiated on July 7, 2025, follows Intralot's completion of its acquisition of Bally's International Interactive business. The upgrade is attributed to Intralot's enhanced business profile and strengthened liquidity resulting from the acquisition. Moody's noted that the deal significantly increases Intralot's scale and diversifies its product and service offerings. The rating agency anticipates that the acquisition will lead to improved margins and free cash flow for Intralot, enhancing its debt reduction capabilities. Moody's also upgraded the instrument ratings on Intralot Capital Luxembourg S.A.'s senior secured notes to B2 from B3.