Moody’s cuts Caesars, loans, notes

Moody's Investors Service said it lowered the corporate family ratings of Caesars Entertainment Resort Properties, LLC and Caesars Growth Properties Holdings, LLC to Caa1 from B3.

The agency also downgraded Caesars Entertainment’s probability of default rating to Caa1-PD from B3-PD, senior secured bank term loan and revolver to B3 from B2, senior secured first-lien notes due 2020 to B3 from B2 and senior secured second-lien notes due 2021 to Caa3 from Caa2.

In addition, Moody’s lowered Caesars Growth’s probability of default rating to Caa1-PD from B3-PD, senior secured bank term loan and revolver to B3 from B2 and senior secured second-lien notes due 2022 to Caa3 from Caa2.

Moody’s said the downgrades reflect a higher probability that Caesars Entertainment and Caesars Growth will be adversely impacted by the ongoing bankruptcy of Caesars Entertainment Operating Co. (CEOC) and related litigation in light of the March 15 independent examiners report filed in the U.S. Bankruptcy Court for the Northern District of Illinois.

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