Moody’s ups Amaya to stable, rates loans B1

Moody's Investors Service said it revised the outlook of Amaya Inc. to stable from negative.

The company's B2 corporate family rating and B2-PD probability of default rating ratings were affirmed.

The speculative grade liquidity rating is SGL-2.

At the same time, the agency assigned a B1 rating to Amaya BV's amended dollar-denominated first-lien term loan due 2021 and euro-denominated first-lien term loan due 2021. The assignment of new ratings to these term loans reflects the proposed re-pricing of these facilities and the assignment of a new CUSIP number to these debt items.

The B1 rating on Amaya BV’s dollar-denominated first-lien revolver due 2019 and Caa1 rating on its second-lien term loan due 2022 were affirmed. These instruments were not part of the proposed re-pricing.

"The rating outlook revision to stable from negative and the affirmation of Amaya's B2 corporate family rating reflects continued improvement in the company's operating performance during the past year, along with Moody's expectation that this trend will continue despite changes at the senior management level," Moody’s senior vice president Keith Foley said in a news release.

"Based on Amaya's financial results since March 2016 when Amaya's former Chief Executive Officer, David Baazov was charged with alleged violations of Quebec securities law by Quebec's securities regulator, it doesn't appear as though the company's operations have been affected in a manner that would jeopardize its current ratings," Foley added in the release.

Separately, last month, Amaya announced the retirement of its chief financial officer Daniel Sebag.

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