Moody's: Great Canadian Gaming to positive

Moody's Investors Service said it affirmed Great Canadian Gaming Corp.'s Ba3 corporate family rating, Ba3-PD probability of default rating, Baa3 senior secured revolver rating, B1 senior unsecured notes rating and SGL-1 speculative grade liquidity rating.

The outlook also revised the outlook to positive from stable.

The positive outlook signals that Great Canadian's rating may be upgraded in the next 12- to 18-months if the company sustains its strong credit metrics while it participates in Ontario's remaining gaming bundles, Moody's said.

The ratings reflect the company's strong credit metrics, good market position, substantial barriers to entry in the regulated Canadian gaming market and eligibility for capital-spending reimbursement, the agency said.

The ratings also consider its small scale relative to rated peers and the event risk of financing any winning bids for the remaining Ontario gaming bundles, Moody's said.

The rating also incorporate the company's improved diversity by region and property after winning the first Ontario gaming bundle, the agency said.

© 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.