S&P cuts GTECH rating to BBB- after IGT buy

MILAN, July 17 Thu Jul 17, 2014 12:52pm EDT

MILAN, July 17 (Reuters) - 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.

(Reporting by Silvia Aloisi)