S&P pulls Century Casinos from watch

S&P said it affirmed all its Century Casinos Inc.’s ratings, including its B- issuer rating, and removed them from CreditWatch with negative implications, where S&P placed them on March 20.

The outlook is negative. “The negative outlook reflects the significant deterioration in Century Casinos' credit measures this year, elevated uncertainty in our updated base-case scenario around the extent of the pandemic, and potential uneven economic recovery and high unemployment,” S&P said in a press release.

S&P noted the company reopened its casinos and instituted cost cuts, and even with social distancing measures, it expects Century to lower its lease-adjusted leverage to below 6x in 2021.

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