Moody’s lowers Lowen Play

Moody's Investors Service said it downgraded Safari Beteiligungs GmbH's (Lowen Play) corporate family rating to B3 from B2.

Concurrently, Moody's downgraded Lowen Play's probability of default rating to B3-PD from B2-PD and the €350 million senior secured notes due 2022 issued by Safari Verwaltungs GmbH to B3 from B2.

The outlook on both entities was changed to negative from stable.

“Today's rating action reflects our expectation that Lowen Play's credit metrics and ability to generate cash will continue to deteriorate in the next few years beyond our initial assumptions,” said Florent Egonneau, Moody’s assistant vice president and lead analyst for Lowen Play.

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