Moody's downgrades Downstream

Moody's Investors Service said it downgraded Downstream Development Authority's corporate family and senior secured bond ratings to B3 from B2. The outlook is negative.

The downgrade is in response to the disruption in casino visitation resulting from efforts to contain the spread of the coronavirus including recommendations from federal, state and local governments to avoid gatherings and avoid non-essential travel. These efforts include mandates to close casinos temporarily.

On March 17, Downstream announced the temporary cessation of all operations at Downstream Casino Resort through April 2, as a preventative measure to contain the spread of the coronavirus. Downstream is entirely dependent upon Downstream Casino Resort casino to generate all its revenue and cash flow.

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