Moody's ups Holdings Gaming

Moody's Investors Service said it raised Holdings Gaming Borrower LP's corporate family ratings and probability of default ratings to Caa2 from Caa3, along with its $303.5 million first-lien term loan to B3 (LGD 2, 24%) from Caa1 (LGD2, 21%).

The outlook is stable.

The upgrade reflects the company's better-than-expected operating performance and improved liquidity profile, Moody's said.

While the agency said it anticipates growth in table games to level off following the conclusion of the initial ramp up period, Moody's said it doesn't expect significant deterioration in the company's operating performance given the company's established market position.

Despite the improved operating performance and short-term liquidity, uncertainty about the company's future capital structure remains, the agency added.

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