Tabcorp downgraded

Gaming firm Tabcorp's credit rating has been downgraded a notch by Standard & Poor's after the company agreed to pay $75 million to extend its exclusive retail wagering licence in NSW. S&P has dropped its long-term rating on Tabcorp from BBB to BBB-, citing funding for the licence extension and strong competition in the gambling market.

Gaming firm Tabcorp's credit rating has been downgraded a notch by Standard & Poor's after the company agreed to pay $75 million to extend its exclusive retail wagering licence in NSW. S&P has dropped its long-term rating on Tabcorp from BBB to BBB-, citing funding for the licence extension and strong competition in the gambling market.

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