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Published on 3/30/2020 in the Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

S&P cuts Buena Vista Gaming

S&P said it lowered all its ratings for Buena Vista Gaming Authority to CC from CCC+ and removed the ratings from CreditWatch with negative implications.

“The downgrade reflects our view that BVGA's liquidity position is weak, and that a default is likely in the very near term. BVGA is burning cash while its Harrah's Northern California Casino is closed because of the Covid-19 pandemic,” said S&P in a press release.

S&P said it doesn’t believe Buena Vista can weather several months of closure at its current estimated monthly cash burn rate while also paying interest on its high fixed-rate debt.

The outlook is negative.


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