Fitch cuts Crown Resorts, pulls ratings

Fitch Ratings said it downgraded Crown Resorts Ltd.'s issuer default rating to BB- from BBB and the senior unsecured rating on the financing entity, Publishing and Broadcasting (Finance) Ltd. and subsequently withdrew the ratings. Both ratings were left on rating watch negative before the withdrawal.

Fitch said it withdrew the ratings because Crown no longer intends to participate in the process.

“The downgrade reflects the deterioration in Crown's financial profile following the completion of the acquisition by new owner Blackstone BidCo, based on the more aggressive capital structure put in place to fund the transaction, as disclosed in the scheme booklet, published in March 2022. Fitch expects that this will form the basis of Crown's capital structure under the new ownership,” the agency said in a press release.

The RWN reflected the view that Crown could be downgraded again following the completion of Blackstone's review of Crown's future operations.

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