Moody's: Galaxy Casino view to stable

Moody's Investors Service said it revised the outlook of Galaxy Casino SA's B3 corporate family rating to stable from negative. The agency also said it withdrew the B3 senior unsecured rating of the dollar-denominated bonds issued by Galaxy Entertainment Finance Co. Ltd. and guaranteed by Galaxy, as the bonds have been fully redeemed.

The outlook revision follows news that the company has successfully closed the HK$9 billion club loan, which will provide the company with funding to complete the Galaxy Macau resort project and alleviates major concerns over its ability to fund and complete the project, Moody's said.

The ratings continue to reflect Galaxy's current small operating scale, modest cash flow from operations and high gearing, the agency said.

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