by Ray Poirier | With all the downgrades and credit reviews of gaming companies that have been announced in recent days, it was a happy note struck by Fitch Ratings service when it advised that it had upgraded the debt ratings of Bally Technologies Inc. (BYI)
And not only did Fitch raise the ratings one notch but actually pushed them up two notches.
The service said the upgrades are due to Ballys "significant improvement in its operating and financial performance" which reflects its "substantially improved product pipeline."
Investors responded quickly by boosting the companys share price by some 20%.
Fitch added that many of the issues that had affected BYIs credit ratings in the past had been resolved and that Ballys "credit profile continues to improve rapidly."
But not everything is without concern, however. Fitch said they were still concerned over ongoing litigation with a major competitor regarding patents, and that a new product cycle had been pushed back.