Moody's cuts Boyd Gaming

Moody's Investors Service said it lowered the ratings of Boyd Gaming Corp. and assigned a stable outlook.

Boyd's corporate family rating and probability of default rating were lowered to B2 from B1, the agency said, noting that the company's senior subordinated notes were lowered to Caa1 from B3.

Boyd's SGL-3 speculative-grade liquidity rating was maintained, the agency noted, stating that this rating action concludes the review process that was initiated on March 3.

The downgrade of Boyd's corporate family rating to B2 from B1 reflects the company's significant and continued exposure to the Las Vegas locals gaming market, Moody's said.

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