S&P rates Empire Resorts, notes B+

S&P said it assigned B+ ratings to Empire Resorts Inc. and its planned $475 million of senior secured notes due 2025. The agency also assigned a 3 recovery rating to the notes.

“The rating on Empire reflects our view that the company’s capital structure is not sustainable on its own, but we expect Genting (Malaysia Bhd.) to provide ongoing and extraordinary support. We expect cash flow from operations to stay negative in the forecast period to 2023, and the shortfall in cash needs to be supported by ongoing capital injections from Genting Malaysia,” S&P said in a press release.

The outlook is stable.

© 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.