Moody's: Cannery negative

Moody's Investors Service said it revised the outlook on Cannery Casino Resorts, LLC to negative from stable.

At the same time, the agency said it affirmed the company's Caa1 corporate family and probability of default ratings along with its B3 first lien senior secured term loan and revolver and Caa3 second lien term loan ratings.

The agency said the change in Cannery's outlook considers the near-term refinancing risk and the potential increase in the company's debt cost that could erode interest coverage. The company's $70 million revolver expires in February 2013 and its 1st lien term loan and delayed draw term loan both mature in May 2013.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.