July 18, 2014 / 7:16 AM / in 3 years

Shares in GTECH open 1.6 pct lower after S&P downgrade

MILAN, July 18 (Reuters) - Shares in GTECH opened down 1.6 percent on Friday after Standard & Poor’s cut the rating for the Italian lottery operator to “BBB-” from “BBB” following the firm’s acquisition of U.S. slot machine maker International Game Technology for $4.7 billion.

Moody’s also put the Italian company on review for a downgrade after the deal, which was announced earlier in the week.

At 0708 GMT, GTECH shares were down 0.58 percent at 18.79 euros, in line with Milan blue-chip index, which fell 0.45 percent. They earlier hit a low of 18.59 euros.

Reporting by Francesca Landini; editing by Agnieszka Flak

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