Moody's assigns Century Casinos, loan B2

Moody's Investors Service said it assigned first-time ratings to Century Casinos, Inc. including a B2 corporate family rating and B2-PD probability of default rating. A B2 was assigned to the company's existing first-lien senior secured bank facility comprised of a $10 million revolving credit facility due 2024 and a $170 million senior secured term loan due 2026. A stable outlook and SGL-1 speculative grade liquidity rating were also assigned.

Century's B2 corporate family rating acknowledges the small scale in terms of revenue and earnings and high leverage of the borrowing group supporting the rated debt. Pro forma revenue and EBITDA for the borrowing group are estimated at around $310 million and $52 million, respectively. Pro forma borrowing group debt/EBITDA on a Moody's lease-adjusted basis for that same period is about 5.5x.

The borrowing group includes two casinos in Colorado, two casinos in Missouri, one casino in West Virginia and four casino assets in Canada.

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