S&P upgrades Boyd Gaming

S&P said it upgraded its ratings for Boyd Gaming Corp., including its issuer rating to BB from BB-.

“The upgrade to BB reflects our forecast that Boyd will maintain lease-adjusted leverage of high-2x to 3x through 2023. This is because we expect fourth-quarter 2022 operating performance to remain relatively stable based on the company's comments that customer spending remained consistent into October,” the agency said in a press release.

S&P said it forecasts Boyd will maintain S&P Global Ratings' lease-adjusted debt in the high-2x area to around 3x over the next 12 months, in line with its leverage target and providing a cushion to the agency’s 4x downgrade threshold.

The outlook is stable.

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