Moody’s raises Cirsa to B1, notes to B2

Moody's Investors Service said it upgraded leading Cirsa Gaming Corp. SA's corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

At the same time, the agency upgraded the ratings of the €500 million senior unsecured notes due 2023 and €900 million (€450 million outstanding) senior unsecured notes due 2018, which are both issued by Cirsa Funding Luxembourg SA a wholly owned subsidiary of Cirsa, to B2 from B3.

The outlook on all ratings is stable.

"We have upgraded Cirsa to B1 based on its successful efforts to reduce leverage in 2015 and expectations that it will remain free cash flow positive, despite an anticipated slowdown in growth from its operations in Italy and Latin America," Moody's vice president, senior analyst Donatella Maso said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.