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S&P puts Station Casinos on positive watch
S&P said it placed all its Station Casinos LLC ratings, including the B- senior unsecured ratings, on CreditWatch with positive implications.
“We believe EBITDA growth in 2021 will lead to meaningful deleveraging this year. We forecast a meaningful improvement in leverage in 2021 to the mid-4x area (not including the impact of expected sale proceeds from the Palms Casino Resort), from the high-7x area at the end of 2020, which was negatively affected by pandemic-related property closures between March 17 and June 3, 2020,” S&P said in a press release.
In resolving the CreditWatch, which could lead to a one notch upgrade, S&P said it will monitor the progress of the Palms' sale and assess management's planned use of proceeds.
“We will also monitor EBITDA performance over the next few quarters and incorporate into our analysis any additional information from management around development spending and financial policy,” the agency said.
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