Fitch ups Empire Resorts, notes BB+

Fitch Ratings said it upgraded Empire Resorts, Inc.’s issuer default rating to an expected B+ from an expected B. The agency also assigned an expected BB+/RR1 rating to Empire's announced senior secured notes. Fitch revised the outlook to stable from negative.

“The one-notch upgrade reflects an improved stand-alone credit profile pro forma for the announced recapitalization. Empire’s stand-alone B- IDR is supported by improved financial flexibility and modestly positive forecasted FCF generation, offset by its geographic concentration and high leverage. The two-notch uplift reflects the moderate linkage to Genting Malaysia (GENM, BBB/negative). The revision of the outlook to stable reflects the property's recent healthy operating performance and regional gaming's broader solid recovery,” Fitch said in a press release.

Empire plans to recapitalize that includes an expected $300 million of senior secured notes.

© 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.