Moody’s cuts Scientific Games

Moody’s Investors Service said it downgraded Scientific Games International, Inc.’s corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. The agency downgraded the senior unsecured notes to Caa2 from Caa1 and affirmed the secured facilities were affirmed at B1. The company’s speculative grade liquidity rating was downgraded to SGL-3 from SGL-2. The outlook is negative.

The downgrade is in response to the disruption in casino visitation, gaming machine use and lottery and sports betting operations resulting from efforts to contain the coronavirus including recommendations from federal, state and local governments to avoid gatherings and avoid non-essential travel, the agency said.

These efforts include mandates to close casinos, Scientific Game’s largest customers temporarily.

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