Fitch revises Crown Resorts view to negative

Fitch Ratings said it revised the outlook on Crown Resorts Ltd.’s BBB long-term issuer default rating to negative from stable.

The decision follows two more Australian regulators opening inquiries into its operations and compliance with regulations, including anti-money laundering provisions, Fitch said.

“The negative outlook reflects weaknesses in Crown’s governance structure that were revealed during an inquiry in New South Wales, as well as the risks to Crown’s operations and financial profile from potential outcomes of the various inquiries, which could include fines, changes in operating conditions and regulations, or changes to or loss of licenses,” the agency said in a press release.

Fitch affirmed Crown Resort’s BBB rating.

© 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.