S&P pulls Twin River from watch

S&P said it affirmed Twin River Worldwide Holdings Inc.’s ratings and removed them from CreditWatch with negative implications where they were placed on March 20. S&P rates the company B+, its senior secured credit facility BB- and its senior unsecured notes B-.

The outlook is negative. “Although Twin River has now reopened all of its casinos and is experiencing a year-over-year improvement in its EBITDA, we believe there remains a high degree of uncertainty around the sustainability of its operating results over the next year given our forecast that U.S. unemployment will remain high through 2021 as additional pockets of Covid-19 infections appear, which could slow leverage improvement in 2021,” S&P said in a press release.

However, S&P said Twin River’s leverage will likely improve below 5x in 2021, despite the increased leverage from announced acquisitions and its $125 million senior unsecured notes add-on.

© 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.