Insider Spotlight
The agency made the assessment as it assigned DigiPlus a B+ rating with a stable outlook, its second international credit rating in less than a week after Moody’s issued a comparable B1 grade.
The ratings sit below investment grade but indicate that DigiPlus currently has the financial capacity to meet its obligations.
Why DigiPlus stands to gain
S&P said stricter enforcement and a proposed minimum fee for licensed operators could raise entry barriers and squeeze smaller rivals already struggling with higher costs.
“We believe the market will consolidate,” S&P said, with DigiPlus benefiting from the exit of operators with cost disadvantages, limited branding and weaker technical expertise.
The company has already clawed back market share following the forced delinking of gaming platforms from e-wallets, supporting S&P’s forecast that it will control 40 percent to 50 percent of the market over the next two years.
Its monthly active users also recovered modestly in the first half of 2026, although they may not return to pre-delinking levels within that period.
The next rating move
An upgrade could follow if regulations stabilize and DigiPlus grows earnings and cash flow while diversifying through International Entertainment Corp.’s Manila casino and its expansion into Brazil and South Africa.
S&P would also want management to maintain financial discipline as investment spending and debt rise.
A downgrade could come if regulatory changes damage cash flow, competition erodes profitability or aggressive expansion pushes adjusted debt to EBITDA toward the agency’s 3.5-times warning line.
—Edited by Miguel R. Camus
