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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Inspired Entertainment, Inc.Global Credit Research - 19 Jan 2022London, 19 January 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Inspired Entertainment, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 13 January 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology (ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Inspired Entertainment, Inc. ("Inspired" or "the company")'s B3 corporate family rating (CFR) reflects (1) high Moody's-adjusted leverage, of over 9x for the last 12 months to 30 September 2021, which is expected to materially decrease as the company recovers from the pandemic; (2) the company's relatively small scale in a competitive market and geographic concentration in the UK, although there is a niche aspect to the business, as well as a growing international presence; (3) the predominantly mature land-based nature of Inspired's business, with Virtual Sports and Interactive providing an online mitigant; (4) its reduced financial flexibility following the coronavirus impact to its business and; (5) its exposure to the risks of social pressures in the context of evolving regulation, particularly in the UK.The B3 CFR is also supported by (1) leading positions as a niche player in its core markets with a growing online presence; (2) circa 85% recurring revenues based largely on profit sharing or fixed fees, although this is dependent on footfall, and; (3) the company's well invested asset base which will reduce capex pressure in the next few years.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Business and Consumer Services published in November 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Angelique Crocker Asst Vice President - Analyst Corporate Finance Group Moody's Investors Service Ltd. 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