S&P boosts Affinity Gaming

S&P said it raised its ratings for Affinity Gaming to B from B- and all its issue ratings a notch.

The Nevada Gaming Commission approved a distribution of up to $175 million to Affinity Gaming's owner, Z Capital, but ruled it must be financed using the company's existing cash balances or from excess cash flow, not with added debt.

“We believe that Affinity's financial policy is currently in line with our expectations for the rating and its capital structure reduces cash flow volatility. The rating incorporates our expectation that Affinity will likely distribute its excess cash to its financial sponsor in the first half of 2023,” the agency said in a statement.

The outlook is stable.

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