S&P rates Maverick Gaming B-

S&P said it gave Maverick Gaming LLC a B- issuer rating. The agency also assigned B- issue-level and 3 recovery ratings to Maverick's proposed first-lien term loan, which reflects an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in default.

S&P also assigned B+ issue-level and 1 recovery ratings to the company's planned super-priority revolving credit facility, reflecting an expectation for very high recovery (90%-100%; rounded estimate: 95%) in default.

“We expect Maverick to remain highly leveraged with S&P Global Ratings-adjusted debt to EBITDA of above 6x through 2022. We also expect the company will generate negative free operating cash flow (FOCF) this year while it expands operations of its cardrooms in Washington. As a result, we assigned our B- issuer-credit rating to Maverick,” the agency said in a press release.

The outlook is stable.

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