Aristocrat Leisure Ltd. is an Australian leading gaming provider and games publisher. Aristocrat supplies various products and services, including electronic gaming machines, casino management systems, and digital social games. The Company's land-based products are approved for use in more than 300 licensed jurisdictions and are available in over 80 countries.

In 2020, the COVID-19 containment measures significantly reduced the Company's land-based revenueand EBITDA generation by about 34%, compromising its ability to maintain a low debt-to-EBITDA ratio. As such, S&P Ratings placed the Company on the CreditWatch list with a negative outlook as of April 2020.

Assume you are a credit analyst of S&P Ratings as of March 2021. Your most recent assignment is to revisit Aristocrat's financial and non-financial performance and revise its credit outlook. To complete your task, you have collected the following information: There was a reopening of casinos in the U.S., the largest market of Aristocrat, during the second half of 2020. Thanks to stay-at-home orders, the Company has experienced consistent growth in the digital gaming segment, accounting for around 57% of its revenue. Aristocrat currently has no large debt-funded acquisitions or significant shareholder return commitments. The Company has an available cash balance of around A$1.95 billion, a A$2.34 billion term loan outstanding due in late 2024, undrawn revolving credit facilities of about A$286 million, and no near-term debt maturity as of 30 September 2020. No record of breaching debt covenants has been documented thus far.

Required Based solely on the information provided, critically evaluate the credit outlook of Aristocrat. Please clearly articulate the potential upside or downside risks of the Company in your evaluation. Would you recommend updating the view to "stable" or keep it unchanged as "negative"?