Moody's stabilizes Century Casinos view

Moody's Investors Service said it revised Century Casinos, Inc.'s outlook to stable from negative. The agency also affirmed the company's B3 corporate family rating, B3-PD probability of default rating and B3 senior secured credit facility ratings. Century's speculative grade liquidity rating was upgraded to an SGL-2 from an SGL-3.

“The outlook revision considers that Century has performed better than Moody's initially expected when a negative outlook was assigned on June 23, 2020. Despite the challenges presented by the coronavirus, including temporary closures and capacity restrictions, Moody's expects the company will generate positive cash flow after all debt service and capital expenditure requirements during the next 18-month period, at about $30 million,” the agency said in a press release.

Relying on results from January through the end of May, Moody’s said it sees Century's debt/EBITDA falling to slightly below 6x.

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