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Moody's might downgrade Twin River
Moody's Investors Service said it placed Twin River Management Group Inc.'s B1 corporate family rating, its B2-PD probability of default rating and the B1 (LGD3, 35%) ratings assigned to its first-lien term loan and senior secured revolving credit facility on review for possible downgrade following its announcement that it intends to acquire the Hard Rock Hotel & Casino in Biloxi, Miss., from owner Leucadia National Corp. for $250 million.
The agency said the company's credit metrics may weaken as debt increases to finance the proposed acquisition.
At the same time, Moody's believes the proposed acquisition will have a positive credit impact on Twin River (which owns one casino near Providence, R.I.) by expanding the company's geographic diversification prior to commencement of legalized gaming in nearby Massachusetts.
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