Moody’s: Greektown view to positive

Moody's Investors Service said it revised Greektown Holdings LLC's outlook to positive from stable.

The company's B3 corporate family rating, B3-PD probability of default rating and B3 second-lien senior secured note ratings were affirmed.

"The outlook revision to positive reflects Moody's expectation that Greektown will see improved earnings, and reduced leverage, as it continues to benefit from a lower cost structure and generates additional visitation/spending once it completes the $70 million renovation of its property," Moody’s analyst Peter Trombetta said in a news release.

"The positive rating outlook also reflects the stable operating environment in Detroit which reported 3.3% gaming revenue growth in calendar year 2015, better than most regions across the U.S."

Moody's expects that with additional earnings from the renovation and the elimination of disruptions caused by the ongoing construction, Greektown will able to lower its debt/EBITDA to about 6.25 times by the end of fiscal 2016.

© 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.