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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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