Moody's cuts Twin River Worldwide

Moody's Investors Service today downgraded Twin River Worldwide Holdings, Inc.'s corporate family rating to B2 from B1. The agency also lowered the rating on the senior secured bank facility to Ba3 from Ba2 and the senior unsecured bond rating to Caa1 from B3. Moody's also downgraded the Speculative Grade Liquidity rating to SGL-2 from SGL-1. The outlook is negative.

The downgrade to a B2 CFR 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 13, Twin River announced that the government of Rhode Island ordered all casino, hotel and food and beverage operations have been suspended in the state to close for a seven-day period commencing on March 14, 2020. As a result, Twin River's Rhode Island properties, Twin River Casino Hotel and Tiverton Casino Hotel, suspended all operations as of such date.

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